Tuesday Sept 3 2019
A bear market means lower prices, a bull market means higher prices.
There has never been a bull market in stocks that lasted for more than ten years. We are in the tenth year of this one. The market will not top for everything all at conce. Energy was leading stock up, now it is leading stocks down.
Transocean RIG owns offshore drilling platforms that rent for hundreds of thousands when the oi market is on boil. now the stock is trading for 21% of book value, near nothing. This represents a huge amount of negative mood built into the market.
From top to bottom we have
the price of oil
the share price of RIG
the prices of the Energy Service ETF.
All this is broadcasting negative mood for energy service stocks. And the prices are still falling.
Professor Elam 
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