Schlumberger ( SLB) ($72.69 vs $59.67 on 06/27) still has a Buy rating, with an elevated P/E ratio and has been above its 200-day SMA at $70.90 since July 26. In sum, the price of crude oil remains in a tug-of-war between commodity speculation in anticipation of QE3, and weak demand due to the global economic slowdown with crude oil on the cusp of its 200-day simple moving average at $96.61. If QE3 is implemented oil should distance itself above the 200-day SMA with energy stocks continuing to the upside. Without QE3 the focus should return to a weakening economy, and the oil stocks above their 200-day SMAs are likely to decline toward those key supports. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.