OIH has some overlap with XLE and a heavy weighting torwards SLB (19.21% and the top holding). Rounding out the top three weightings are NOV and HAL at 9.80% and 9.23% respectively.
We have pointed towards heightened options activity for at least a week and a half in our daily notes to trading clients in XOP, specifically consisting of downside put buying, and this activity has proven directionally correct, and in short order.
What remains to be seen is that if Crude Oil the commodity levels off, and perhaps begins to rally, will the Oil related equities also follow suit as they did when Oil sold off sharply over the past few weeks.
SPDR Energy Select
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