The forecast is turning ominous for what should be a severe surprise for those caught holding a long exposure.
Oil services provider beats top- and bottom-line expectations and raises full-year guidance. 
While professional services gained in Friday's jobs report, mining jobs continue to be a laggard.
It has shown an ability to reduce costs and firm up production, which should improve Devon's value.
Shareholders of the Swiss oil and gas fled in droves Wednesday after the company unveiled a dismal 2016 outlook.
The troubled oil and gas company may be turning itself around as it has already reported asset sales that have met the lower end of its 2016 target.
This oil name still offers some value, despite the rally in many oil names.
We would wait for CLF to correct down to around the $3 area before stepping in to buy.
Right now there is just too much uncertainty in this space.
While the oil and gas company said it was on target to deliver its 2016 cost-savings plans, investors were not impressed.

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