is underperforming the energy group today on rumors that Pemex (Mexico's largest oil company) might cancel WFT contracts in April. First, this wouldn't include the company's existing contracts, and Pemex is on record as saying the current work that WFT is doing is crucial for its growth in 2010. WFT has 42 rigs currently in the Chicontepec reservoir in Mexico, and that is expected to increase to 53 in 2010.

>>>>>Second, I own WFT not for Mexico but for its international exposure in Russia, Iraq and the Middle East/Asia region. WFT is the only oil-service company that has shovel-ready technology (rigs/drills/lifts) in Iraq, and it has a three- year advantage on the competition. This is a resource-rich area, and that alone will help WFT grow faster than its peers (20% to 30% internationally, vs. 11% for the group), and this could be a $1 billion opportunity over time.>>>>>>>>>>

Third, WFT has underperformed on a relative and absolute basis, trading at a 30% discount to Schlumberger (SLB:NYSE) and 19% to Halliburton (HAL:NYSE), its two largest competitors. I'll take advantage of the weakness to build this in the fund.

After my trade, I will own 1,700 shares of CVX, or 4.52% of the portfolio, and 1,600 shares of WFT, or 0.98%.

Regards,

Jim Cramer