The main reason it has followed the price of oil is because of people like you who think that it should so it does. Because you and a bunch of other chicken littles let youself be so easily manipulated. By what appears to make sense.
The very point of my post is that it moves with the price of oil but based on the FACTS it shouldn't. If I could get all of you on board so that you quit selling like it is some rule to follow (oil down so sell NOV, RIG, etc.) then we could stop some of this manipulation.
suny: I agree with you. I personally think this selloff had nothing to do with demand destruction and more to do with hedge fund liquidation/redemptions/margin calls. Once again these guys learned nothing from the Amaranth debacle last year and "put all their chips on red", as the casino dealer rigged the wheel to stop on black. It's never a good thing though when a trade gets overcrowded no matter how bullish the fundamentals. We had to squeeze out all the weak hands before the big money can come in and push it back up. Another factor weighing on oil prices is the belief that the Govt will throw everything they have at the oil complex to get prices down (legitimate or not). Come November we will be demonstrably higher. Hang in there. These oil services stocks are absolutely dirt cheap right now.