Oil Services Stocks Run Out Of Fuel
The oil service stocks are under some early selling pressure this morning. The popular Oil Services Holders Trust (NYSE:OIH) is trading lower by $3.93 to $118.25 a share. It is important to note that the OIH has had a huge rally since October 4, 2011 when it traded as low as $95.00 a share. Traders should watch for intra-day support around the $117.65 and $116.70 levels.
Other leading oil services stocks that are selling off this morning include Halliburton Co (NYSE:HAL), Schlumberger Limited (NYSE:SLB), Transocean Ltd. (NYSE:RIG), and Diamond Offshore Drilling Inc (NYSE:DO). All of these leading oil services stocks are part of the OIH and will usually trade very closely together.