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"Is it an earthquake,
Or simply a shock?
Is it the good turtle soup,
Or merely the mock?
Is it a cocktail,
This feeling of joy?
Or, is what I feel,
The real,

Merci, Cole Porter.

This is just to ask, is this, finally, the real bottom bounce here in oil services? I think so. If you lurk at any of the oil service boards, you'll find almost an Island of the Lotus-Eater like peacefulness. Why? The short-sellers have packed up their tents and left, searching for other prey--from the looks of it, the internet stocks. Wise move, as there appears little downside left. Now, IMHO, oil services are free to rise on fundamentals (oil prices) and momentum (value investors, money managers).

I'm in at 39 here, having learned the gut-wrenching feel of being "right, but early." Farewell to all the shorts, welcome back longs and momentum players. Next stop--mid fifties? I can almost hear Frank Sinatra crooning (actually, I can, I have the CD on right now!)

"Is it a fancy,
Not worth thinking of?
Or, is it, at long last,

Cole Porter, we hardly knew ye.

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