Don't try and use logic or silly fundamentals/valuations on an anointed stock.
These stocks exist to make money for the street (and us) and will continue to go just because it can. It is the closest thing to legally printing money.
Don't over analyze anointed stocks just buy them.
NOV has broken above $80 it has been dumped back under $70 (closer to $60 most times)...EVERY TIME!
Fundamentals mean nothing with this stock. It is not one of the anointed (AMZN, PCLN, TWTR, etc.) so when they decide it is going down there is nothing to stop the sell-off.
Will the pending spin-off prevent the sell-off this time? Based on the past week I would say no.
Looks like they are going to take it all the way back to test the 200 DMA.
Amazing how weak this thing can get so quickly.
Ready to buy back in big for the inevitable pre-spinoff runup.
Funny how what was 'bad" for the markets has know become great.
The coming crash is going to be brutal.