Halliburton (HAL), the world's second-largest oilfield services provider, told Bloomberg last week that the recent 17% slide in crude oil is unlikely to reduce orders for drilling and exploration contracts.

"Customers are basing decisions on significantly lower oil prices, and they plan very long-term projects that don't switch on or switch off based on the oil price,'' CEO David Lesar told Bloomberg. "I don't really see it having a major impact on our business.''

Halliburton opened a second headquarters in Dubai last year and has its biggest operations in Saudi Arabia, where it is the leading drilling services provider for the new Khurais oilfield. HAL just won a contract to provide services at the new Manifa offshore field. The long-term prospects for this energy giant look bright. But if the bear market really takes hold this fall, all stocks are likely to go down together. HAL shares have been hanging in there as well as any of its peers, but watch it carefully. A decline below $41.50, particularly if it's at that level at the end of August, would be a serious sell signal.