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To: FJB who wrote (158)	8/26/2015 10:51:14 AM
From: The Ox	Respond to of 211

I continue to avoid Oil based stocks. Until we see at least a basing process in the price of oil, let alone an upturn, I think it's best to stay away. I do watch carefully and I'm sure companies like RIG will eventually do well. Even so, I don't want to be in a situation like so many sectors are in at this time, where the underlying commodity is seeing it's price lowered every week. There are many great companies that are trading below tangible book value because we can't trust the book based on the underlying commodity. I'll continue to watch and will eventually dip into this sector but for now I think it's much more wise to be cautious and wait. I did see this article this morning, so there's a lot of fuel for a pop in RIG once the shorts decide it's time to cover! I think I'd rather see strength in the stock than try to pull a rabbit out of the hat and try and pick the bottom.....but that's just my style at this time. The number of Transocean Ltd. (NYSE: RIG) shares short swelled to around 123.47 million from around 117.72 million in the period, or to 34.0% of the total float. That was the sixth period in a row of rising short interest. The days to cover was about seven. Jefferies upgraded Transocean in early August. Shares ended the two weeks about 3% higher, though they were up more than 13% at one point. They have pulled back more than 11% more since, closing at $12.20 on Tuesday. Shares have traded between $11.81 and $38.87 in the past 52 weeks.

To: FJB who wrote (158)	8/26/2015 11:25:08 AM
From: The Ox	Respond to of 211

I did not see the SLB buying CAM deal, so that may be a very good indicator that we are closer to a bottom in the oil services industry. The premium is large but about 20% below their 52 week high and roughly consistent with the stock price over the past 3 years.