Oil Services Stocks Show Early Strength
The oil services stocks are trading higher to start the day. These stocks have been decimated along with everything else in the stock market over the past three weeks. This morning the Oil Services Holders Trust(NYSE:OIH) is trading higher by $2.08 to $133.37 a share. Traders should watch for short term intra-day resistance around the $135.00 area. Should the OIH sell off or decline throughout the session traders should watch the $129.50 area as short term intra-day support.
Other leading oil services stocks that are trading higher include Halliburton Co.(NYSE:HAL), Schlumberger LTD(NYSE:SLB), and Transocean LTD(NYSE:RIG). These stocks will often trade right with the OIH as they are all part of the basket of stocks in the Oil Holders Trust. Traders should expect continued volatility in this environment.