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XOM: Finally Cleared $90

April 16, 2008 12:21 AM

I have warned to avoid XOM near $90 many, nay times, each proving correct. It finally pushed through it with some force today. Chasing it would be late in the game as i said long XOM above $77.55 and it made a recent low of $82.75. That really was really where to be long. it has to clear the high here to be long up here….I am still not a fan, but it is likely to go higher before lower….but $95.27 is still an issue here…

 All commodity stocks, especially energy were very strong with oil setting yet another record. Oil WILL eventually reverse, just not sure when or how high. To trade all of these stocks you almost have to watch the dollar. All of these commodities and hence the stocks, are inverse dollar plays, for the most part. So it makes it a little more complicated than just looking at the stock….

Written by Tom@StockBlade.com · Filed Under XOM 

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