Schlumberger Is a Stock to Avoid in the Current Uncertain Economic Environment – TheStreet.com

Investors could be on the verge of panicking and running for the exits, which would clobber indebted, overvalued energy stocks that have tended to plunge this year at the slightest whiff of bad news. Below, we pinpoint an energy stock that you should particularly avoid or even sell short.

In a “red alert” issued last week, the investment strategists at HSBC warned that “the possibility of a severe fall in the stock market is now very high.”

They noted that recent stock market behavior was reminiscent of conditions immediately leading up to 1987’s “Black Monday,” the biggest single-day market crash in history.

In addition, an influential energy industry analyst wrote last week that she is “doubtful that the price of oil can rise very high, for very long. Our oil price problem is part of a much larger problem: a slowing economy with low prices for a large number of commodities, including oil.”

Meanwhile, as we watch OPEC leader Saudi Arabia this week struggle to get fractious members in line for an oil production cut, we’re reminded of Ronald Reagan’s famous admonition to Jimmy Carter during their 1980 presidential debate: There you go again.

And there the Saudis go again, as they twist the arms of recalcitrant OPEC members to lower output. The Saudis are currently pushing talks to nail down the details of a tentative deal worked out last month in Algiers. Major obstacles include Iran, which is threatening to raise production.

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