First, the cost of renting a rig went up. That's right, it went up. You probably didn't even notice it, but the Brazilians, which had shunned deepwater drilling that needs Transocean (RIG) rigs, came back in and came back in big. The analysts weren't oblivious, they talked about how RIG will have too much cash and will have to find creative ways to return it to shareholders.

Meanwhile, you saw the article about Freeport-McMoRan (FCX) drilling deep, again something that, if it hit, would need more Transocean drilling platforms.

You also got a monster quarter from Lufkin (LUFK), something nobody seemed to care about, even as this largely oilfield pumping unit company is really an important part of the deepwater drilling complex.

Finally if there is so much drilling to be done and so few rigs, you can bet that National Oilwell Varco (NOV) is going to outperform, and there were a number of number-bumps in that name during the selloff.