This morning, the oil service stocks are coming under selling pressure along with the major stock indexes. The highly popular Oil Services Holders Trust (NYSE:OIH) is trading lower by $2.77 to $122.81 a share. Short term day traders can watch for intra-day support around the $122.25, and $121.00 levels. The OIH will often trade inversely to the U.S. Dollar Index, therefore, traders should watch this inverse relationship closely.
Some of the leading oil service stocks that are coming under early selling pressure include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger Ltd (NYSE:SLB). All of these leading stocks have soared higher recently on the daily charts and could be due for a pullback. Often these stocks will simply trade in tandem with the OIH intra-day.