Oversold: NOV

Here's the kicker. It may very well be true that the world is so starved for manufacturing activity that any additional supply coming online will crush the oil price. But in this particular case, the short-term fundamentals driving the oil price are not going to translate to the long-term prospects of oversold oilfield plays, and NOV is one of them.

This is an investment. Buy and hold play, or you can keep rolling over monthly options, but it is oversold and bumping up against technical levels going back 20 years.

I did include peers HAL and Schlumberger to show how the oil market's over-supply, and lack of appetite for any drilling activity, and thus additional inventory is affecting them and their peers, but their peers lack the technicals. In short, there's additional downside room for some other names in the industry.

The best thing to happen to this company is it gets bought during a period of market consolidation if global growth remains stagnant.