It's just happening. Just now. We finally are getting some good pricing for oil services. It's not across the board. There still are pockets of overcapacity. But at last, some of these companies are spending.
That's the takeaway from this Schlumberger (SLB - commentary - Cramer's Take) earnings call. It is an incredible testament to how negative the majors are and how little belief there is in prices staying high that we finally are seeing pricing. This is the bull market that few people still believe in, and we seem to get new recruits kicking and screaming.
It is amazing to me that pricing just turned. It is amazing to me how little activity there is globally in drilling vs. what there should be by this point.
At last, though, it is happening.
Still too early to sell the drillers.
Random musings: Really impressed with both the Zimmer (ZMH - commentary - Cramer's Take) and Boyd Gaming (BYD - commentary - Cramer's Take) quarters. ... DuPont (DD - commentary - Cramer's Take) has way too much auto exposure. ... Altera (ALTR - commentary - Cramer's Take) should fail at $20. ... Insider selling is weighing on Google (GOOG - commentary - Cramer's Take); I would ignore it. ... If you love following stocks as much as I do and want to help me help people make money, you're someone I need. I'm looking for a research assistant based in the New York Metro area to help me out. Please send your resumé
and cover letter to resasst@gmail.com.
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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict."
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