On today's news, HAL is down about 4%, while RIG is struggling to find its way into positive territory. Halliburton shares have gained nearly 6% year-to-date, and are hovering atop long-term support from their 32-month moving average. By contrast, RIG has shed more than 15% in 2008. However, the stock is still a strong performer, with long-term technical support in place from its 20-month trendline.

During the short term, RIG stands to benefit from an unwinding of pessimism. During the past 10 trading days, option players on the International Securities Exchange (ISE) have bought to open more than 2 puts for every 1 call on the stock. Its 10-day ISE put/call ratio of 2.26 is docked at an annual peak, suggesting that option volume on the ISE is more bearishly skewed now than at any other time in the past year. If the stock capitalizes on today's bullish note -- and long-term technical support -- to extend its uptrend, RIG shares could win over some of the skeptics on the Street and attract new buyers.

By contrast, HAL's 10-day put/call ratio on the ISE is a tepid 0.79, with investors showing a preference for calls over puts. This relative optimism isn't too surprising, considering the equity's long-term trek higher -- however, as Goldman notes, RIG does seem better-poised to climb during the short term,

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.