ENSCO International Inc. (ESV)

[ogbull]

I don't like the way OPEC and Russia are acting. And I don't see a good rally in crude until US production drops like a stone. There is a lot of crude in storage tanks in Oklahoma and a whole lot more setting in tankers off Houston trying to unload with no empty tanks. I might miss the absolute bottom but I don't want to get in an offshore driller in a strong hold position. I'd rather jump in and out 3-4 times every few days.

I also think today's rally is overbought from what I see. I think everyone believes that China is gonna rally and boost crude demand back up above supply. I just don't believe it yet.