Still no bottom in oil. And today they got it -- they got to the oils. It's all a delayed action and it is driving many people crazy. What the heck was Chevron (CVX) doing up on Friday after that quarter and the run it has had, one of the strongest stocks in the Dow?
Why in the heck did analysts upgrade Continental Resources (CLR) and Pioneer Natural Resources (PXD) today? Did they just think, "Oh well, the stocks aren't going down, so let's just recommend a bunch?"
Now is crunch time because most wells are unprofitable below $40. But I do believe the stocks' divergence from crude almost entirely made no sense. Until the crude stocks went down I didn't trust the move down. I still believe in the Schlumberger (SLB) "up at end of year" thesis (SLB is part of the Action Alerts PLUS charitable portfolio), but the $60-a-barrel price tag from Core Labs (CLB) ?
Now that's looking like an impossibility.