| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 6 | $429.81 | $2,579 | 0.11% | $321.89 | $648 | +33.5% | — |
In short: The purer version of the same Adami trade — the service companies rather than the majors, and the one with room left in it: "OIH is nowhere near its all-time high, but we're approaching the levels that we saw earlier this spring when crude was north of 100." Paired with the refiners, which "we've talked about till we're blue in the face." The catch he keeps making: this works whether or not crude goes anywhere, because the driver is national-security-motivated capital spending, not the spot price.
OIH owns the service companies — the businesses that drill the wells, supply the equipment and run the projects for the oil majors. They do not own the oil; they get paid to do the work. That makes them a direct claim on energy capital spending, which is exactly what Adami's thesis says is structurally rising.
He prefers it to the broad sector for a straightforward reason: it has not run yet. XLE has already made a new all-time high; OIH "is nowhere near its all-time high" and is only now approaching levels last seen in the spring "when crude was north of 100." The same driver, less of it priced in.
Two things to hold alongside it. This group is famously cyclical — service margins collapse fast when producers cut budgets, so the whole trade rests on the spending being structural rather than a spike. And the appropriate signal to watch is not the oil price but capital-expenditure guidance from the large producers, since that is the revenue line these companies actually collect.
17:28And you've seen that, today notwithstanding, you've seen that over the course of the last few months. XLE basically a new all-time high earlier this week. OIH is nowhere near its all-time high, but we're approaching the levels that we saw earlier this spring when crude was north of 100. So, and we've talked about the refiners till we're blue in the face.
In short: "Look at the oil services — the OIH is up 50% this year, destroying technology." Cited with industrials-vs-the-Qs, copper and natural gas as proof the rotation out of tech and bonds into hard assets is already running.
OIH is a basket of the companies that do the drilling and well work for oil producers. He uses it as live proof that the rotation he's been forecasting is already happening: "the OIH is up 50% this year, destroying technology," alongside industrials beating the Nasdaq, copper names beating the Mag 7, and natural gas. If the Fed really is walking away from its 2% inflation target, that rotation out of tech and bonds and into companies that control hard assets keeps running.
38:06I mean, if you look at the industrials versus the Qs, just destroying the Nasdaq in recent months, especially since October. And same thing with the copper names, same thing with natural gas. Look at the oil services, the OIH is up 50% this year, destroying technology. So, you're already seeing a rotation out of tech, out of bonds into stocks that control hard assets, oil and gas.
In short: The oil-services basket (Weatherford / Schlumberger / OIH) "dramatically outperforming the Nasdaq" — more offshore work is coming.
OIH is a basket of oil-services stocks (Schlumberger, Weatherford and peers) — a one-click way to own the whole group. He points out the basket is "dramatically outperforming the Nasdaq" because the market sees a lot more offshore drilling work coming.
20:56And so, if you look at companies in the United States, your Weatherfords, your Schlumbergers, your OIH, they're dramatically dramatically outperforming the Nasdaq and the rest of the oil space. And that's for a reason because they're going to have to do a lot more offshore and it's oil services to get production up if they want to offset, you know, this this big big problem in the Middle East.
In short: One of the four big energy ETFs in the under-owned energy complex.
OIH is a fund of oilfield-services companies — the businesses that supply drilling rigs, equipment and labor to oil producers.
He names it as one of the four big energy ETFs in the under-owned energy complex — part of the same "energy is tiny and due to grow" thesis.
6:23Because right now the XLE ETF, all the stocks combined are only worth about two trillion bucks. And then if you look at the FCG ETF, the OIH, and the XOP — those are the four big energy ETFs. It's maybe three trillion dollars in all of the energy stocks combined, whereas the NASDAQ 100 is about 31 trillion. So we're in the early stages of this multi-generational bull market for energy equities.
In short: Reference: the oil-services ETF cited on depressed energy fund assets, and (with XLE) up double digits over two years while the Brent flat price is -10% — evidence the equities are not cheap to the strip.
In short: Adding into the most "grizzly bearish" energy sentiment of the year (CFTC) — November is seasonally the 2nd-worst month for crude.
OIH is a basket of oil-services stocks (Schlumberger, Weatherford and peers). He's buying into peak pessimism — futures-market data showed traders extremely bearish on oil, and November is seasonally one of the worst months for crude. Buying when everyone is giving up is the bet.
25:50We've sold 1/3 to 2/3 of our gold and silver miners and we've started to add to the Weatherfords of the world, the OIH oil service names, your Occidental Petroleums. The energy stocks — the bearish sentiment is incredible. Remember, November is the second worst month of the year for crude oil. There's a ton of bears in the CFTC data. To me that's an opportunity to double up and take down some precious metals that a year ago nobody wanted and now are up 150%.
In short: "Very bullish on oil services." The OIH-vs-S&P ratio looks to be bottoming and turning up (services outperforming); he thinks 2026 is "higher for oil and oil services" and they "come into their own" — offshore drillers already moving.
OIH is a basket of oil-services companies — the firms that drill wells and supply equipment to oil producers. Polomny is "very bullish" on this group: compared against the S&P 500 it looks like it has stopped falling and started to outperform, which often marks the beginning of a multi-year run. He thinks 2026 is a higher year for oil and the services that support it, with offshore drillers already moving.
32:02This is just another — oil services, the OIH versus the S&P 500. It looks like it's bottoming and now moving higher. That means that the oil services are outperforming the S&P. So this is interesting, something to keep in mind. Again, I'm very bullish on oil services. I think 2026 is going to be higher for oil and oil services.
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