In absolute terms, the forward P/E of the OSX is trading at all-time lows, -50% below the 10-year average and almost 2-standard deviations away from the mean. The current 12-month forward P/E of the OSX is 11.0 The previous forward P/E trough was 10.8 times reached in January of 2007 when natty-gas was trading at $6.00 Mcf and crude was at $60 per barrel. Vs the SPX, the OSX is currently trading at 1-standard deviation below its 10-year average. This is ONLY the 3rd time that this has happened since the OSX first started trading in 1997. The first was during the 1998 Asian currency crisis when crude tumbled to $10 per barrel. The second time was during the Dot-com collapse in the Fall of 2001. Perhaps with the news of FNM and the end of the recent dollar rally, we will see the catalyst for a rotation back into the drilling sector. Food for thought.