NEW YORK (TheStreet) -- As Kenny Rogers sings in "The Gambler," "You got to know when to hold 'em, know when to fold 'em / Know when to walk away, know when to run." This is not only great advice for wildcatters but should also be heeded by traders and investors of oil services stocks.
Today's table shows the 25 stocks that are the components of the Market Vectors Oil Services (OIH) ETF ($41.35). The daily chart shows a wide trading range between the June 26, 2012 low at $32.54 and the highs set on Feb. 24, 2012 at $45.14 and Feb. 14, 2013 at $45.12. I show weekly and monthly pivots at $42.18 and $42.85, which failed to hold this week.
Chart Courtesy of Thomson / ReutersThe oil services stocks slipped on Wednesday after the Energy Information Administration (EIA) reported that crude oil inventories rose to the highest level since 1990. Crude inventories rose 2.71 million barrels in the week ending March 29 to more that 388 million barrels. The price of a barrel of Nymex Crude Oil fell by $2.40 to $94.46 closing just below the 50-day SMA at $94.64. My weekly value level is $31.20 with monthly and annual risky levels at $98.93 and $115.23.
Today the oils-energy sector is 5.4% overvalued according to www.ValuEngine.com with the oil & gas field services industry 3.6% overvalued, the oil & gas drilling industry 1.7% overvalued and the oil field machine & equipment industry 3.9% overvalued.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV