Has Exxon Mobil Run Out Of Gas?
This morning, Exxon Mobil Corp (NYSE:XOM) is trading lower by 0.89 cents to $84.93 a share. This leading stock is not participating in the early morning stock rally. XOM stock is the second largest stock by market capitalization behind Apple Inc (NASDAQ:AAPL). In other words, XOM stock can move markets as it is a major part of the Dow Jones Industrial Average. Short term traders can watch for intra-day support around the the $84.75, and $84.00 levels. The daily chart will have near term support around the $83.75 area.
Most other leading integrated energy stocks are all trading higher today. Leading integrated energy stocks such as ConocoPhillips (NYSE:COP), Chevron Corp (NYSE:CVX), and BP plc (NYSE:BP) remain strong despite the decline in Exxon Mobil Corp (NYSE:XOM). All traders should remember that a weaker U.S. Dollar Index will usually help inflate most of the energy stocks.