Update: OIH : Oil Service names holding support here

Rational: The OIH is holding support and appears ready to run up to the 130 resistance area. Currently oversold with an overabundance of bad news on the table, an explosive temporary upward bounce seems likely given continued colder weather and upcoming Jan 18th crude oil inventory data. Risk reward appears favorable.

Strategy: Buy with the expectation for a re-test to the 130 area. Expect a minor pullback with further upward price movement.

Target: 133
Stop: 127 (basing support)