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XOM: Exxon Revisted

March 25, 2008 1:02 PM

As my readers know, I am not a fan of XOM in the $90 range. I have correctly warned to avoid that area on at least 4 or 5 occasions. The trade was to go long XOM above $77.55. Unfortunately, it only made a recent low of $82.75.

XOM looks like an avoid here on both sides unless scalping. It does not appear to be a short here, and I certainly wouldn’t chase it up near $88 either. Sideways appears likely here….

I am also not a fan of the commodity space, as I have mentioned, and believe traders are are rotating out of that sector and strength is likely to be a bounce to be sold in that sector.

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