NEW YORK ( TheStreet) -- So far in 2013, crude oil has formed a trading range between its Jan. 31 high at $98.24 and its April 18 low at $85.61. As a result of this range-bound trading the oils-energy sector became the cheapest of the 15 overvalued sectors, being overvalued by 6.2%.
Back on April 4, I wrote, Oil Services Stocks: Hold 'Em or Fold 'Em? In this post, I profile the 25 stocks in the Market Vectors Oil Services (OIH) ETF. OIH has also set a trading range down from $45.12 on Feb. 14 to $39.42 on April 17. Today I profile updates for 13 of the oils services stocks. Each of these stocks still have the same ratings as on April 4 -- 12 rated hold and one rated sell.
The daily chart for Nymex Crude Oil ($93.11) shows declining momentum with the 21-day, 50-day and 200-day simple moving averages (SMA) at $92.89, $93.16 and $92.14. My monthly and quarterly value levels lag at $88.34 and $79.66, with a weekly pivot at $93.82 and annual risky level at $115.23.
Chart Courtesy of Thomson/Reuters The stock market continues to trade higher, despite the ValuEngine Valuation Warning, which intensified this morning. Today we show that 70.9% of all stocks are overvalued and that 32.4% are overvalued by 20% or more. The yield on the 30-Year U.S. Treasury bond is up 10 basis points so far this week, to 3.191%.