The world is still addicted to oil. I will be adding XOM at $80. Just wait for a headline stating that there is no more oil, or the supply is running low, then you will get rewarded. re: www.reuters.com Ignore the news : "Oil futures fell on Monday and U.S. crude slipped below $50 a barrel intraday as ample supply, the prospect of more Iranian crude for export...
Doesn't signal a positive image of the stock market... keep a lookout of the development of XOM. It will have a relatively large impact on indices, for a stock with a market cap after Apple.
CVX is a correlative equity to XOM. These are consist in trend moves comparable to other equities in their sector. You want volatility for the option's play. Right now, CVX is at a crossroads with an IV of 73 and HV 71. With earnings coming up, we're expecting a shift north till the end of this year's first quarter. That's a good play to go deep in options. ...
Technically, Exxon looks ready to head north up to the 105.1 range. It's on the lower edge of two upward channels. Can Exxon give us a buy entry at 100.6 for a nice long ride until mid-august? The steep lower dashed trend line is created by taking an approximate equidistant away from the first two channel lines.