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I have been known as a Halliburton (HAL) bear over the years. My thesis was that the economy would eventually falter, taking down cyclical names like Halliburton. The coronavirus has caused a shutdown of the economy, and may have exposed a weakness that had always been there. Oil prices have fallen below $30 and HAL is off over 60% Y/Y. The company reported Q1 revenue of $5.04 billion, down 3% sequentially. I just went long. I explain below.
Stagnation In North America
OPEC supply cuts have buoyed oil prices for years.