"Many experts believe that oil prices are at unsustainably low prices now, and they expect a sharp rise in the commodity price as supply and demand come back into line again," says turnaround expert George Putnam.

In The Turnaround Letter, he suggests, "If oil does begin to rise again, the oilfield service stocks could rebound sharply." Here, he takes a look at large cap plays on a rebound within the oilfield services sector.

"We all know that oil prices have fallen dramatically from their highs in the summer of 2008. But different types of oil-related stocks have reacted quite differently to the price change in the underlying commodity.

"For example, while oil itself has dropped nearly 70% from its 12-month high, the stock of the largest integrated oil company, Exxon-Mobil (NYSE: XOM), is down only 26%, less than the stock market as a whole.

When one can combine systems technology and oil services, that company is worth an evaluation, and FMC Technologies fits the bill.

FMC Technologies (NYSE: FTI) designs and manufactures services, technology systems and products for energy systems, food operations, and airport systems.

Analysts really like FTI's energy systems business, which helps companies control the flow of oil/gas producing wells, among other tasks. As of September 2007, FTI had an energy systems order backlog of $3.3 billion, up more than 65% from a year earlier.

Overall, analysts see revenue increasing 14-17% in 2008, after a likely 12-15% gain in 2007. The Reuters F2007/F2008 EPS consensus estimates for FTI are $2.21/$2.79.

The risks? Analysts are keeping an eye on subsea drilling activity. Also, a sustained, substantial drop in oil's price will no doubt affect oil/natural gas companies' service budgets, and FTI's operations.

The First Call mean rating for FTI is: Hold. [22 firms.] Mean 2008 target: $64.00. [high: $80, low: $47.]

Stock Analysis: FMC Technologies is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than two years should be rewarded from FTI's shares. Sell / Stop Loss if you were to purchase shares in this company: $36.

DISCLOSURE: Joseph Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.

TheStreet.com's Jim Cramer says that as oil goes higher, these stocks will have even more room to run.

Name me three tech stocks that have increased more than 100% in the last year that are still cheap.

Try it! Think you can't?

I have some news for you. I have three that are still selling well under twice their growth rate that have more room to run and simply aren't done, as crazy as that seems: Oceaneering International Inc. (NYSE: OII) (Cramer's Take), FMC Technologies (NYSE: FTI) (Cramer's Take) and Core Labs (NYSE: CLB) (Cramer's Take).

I know. These are oil companies. They are not semis or software or hardware. They are technical services companies that allow companies to recoup marginal oil.

They are the ultimate tech plays on $80 oil. They are worth their weight in black gold.

Technician Michael Ashbaugh expects a "cooling off period" before stocks again test their all-time highs. Yet, he remains bullish, with a particular focus on the oil services sector. In his MarketWatch Technical Indicator he explains, "The Dow was recently trading 206 points from all-time highs while the S&P 500 was 26 points from all-time highs."

He suggests, "Looking ahead, that's where the tension rests. The U.S. markets are facing significant resistance at record highs, and are extended near-term after a massive two-day spike. That means a cooling off period is likely due before they make a legitimate run at record territory."

Regardless of any short-term pullback, he adds, "The market's recent decisive break atop the 50-day moving average is distinctly bullish. The U.S. markets also confirmed their uptrend with a 24-to-1 positive volume session last Tuesday, meaning the longer-term path of least resistance is higher."

Meanwhile, one of his favored sectors, based on their technical positions, is the oil services stocks. He explains, "The Oil Services Index remains among the strongest sectors. We have selected several names to highlight as they are well positioned technically. And, their relative strength makes them better bets longer-term."

The advisor points to Weatherford International (NYSE: WFT); Cameron International (NYSE: CAM); Schlumberger (NYSE: SLB); National Oilwell Varco (NYSE: NOV); and FMC Technologies (NYSE: FTI).

Each day, Steven Halpern's TheStockAdvisors.com features the latest stock picks and investment ideas from the nation's leading financial newsletter advisors.

MOST NOTEWORTHY: The auto and auto parts sector, Marvell Technology and FMC Technologies were today's noteworthy initiations:

• Citigroup initiated the auto and auto parts sector, and believes strong international growth provides selective opportunities. They upgraded General Motors Corporation (NYSE: GM) to Buy from Sell and Lear Corporation (NYSE: LEA) to Buy from Hold.
  
• Marvell Technology Group (NASDAQ: MRVL) was initiated with a Neutral rating by Bank of America, which believes the company's earnings power will be limited in FY09.
  
• FMC Technologies (NYSE: FTI) was assumed with an Overweight by JP Morgan, which believes that subsea development offers one of the best opportunities in the energy sector.

OTHER INITIATIONS:

• Marriott International Inc (NYSE: MAR) was initiated with a Buy rating by Stifel.
  
• Broadcom Corporation (NASDAQ: BRCM) was initiated with a Buy rating by Bank of America.
  
• Ruth's Chris Steak House Inc (NASDAQ: RUTH) was initiated with an Outperform rating at Raymond James.
  
• JMP Securities resumed coverage of Palm Inc (NASDAQ: PALM) with an Underweight rating.