XOM is XOM, Those Gen X,Y kids living in overpriced McMansions leveraged up the A$$ driving leased escalades will always be sucking down gas like a two dollar ho in the corner burning through crack rocks. Anyhow on a serious note. I got in under 65 last year but to be honest I would be a bit skittish dropping cash into XOM at current prices.
Look at British Petroleum (BP) I would say BP would be a better choice if you are interested in holding a large cap oil/gas company.
I'm not interesting in holding for the long term. I'm thinking about shorting around the previous double top at $95. But on the other hand, if there breaks through $95 there is probably some good upside.
It looks like it hasn't broken out yet, but possibly might soon. It has gone from 84 something to 94 since the beginning of April though, so I guess if your holding might as well see if it can keep going. And I disagree with the person recommending to buy BP instead. BP is a little bit closer to it's lows for the past year compared to it's highs, while XOM is at it's 52 week high pretty much. XOM is definitely the stronger stock and if you were going to buy one, why would you buy the weaker of the two?
Because oil stocks only go up? Last two times exxon was at 95 it fell 11 points, and the second time it fell 17. Also note how I mentioned going long if it broke through 95.
Better stocks to short. Rule of thumb. Do not short Oil stocks. Anyhow I scooped some BP today at 68.21
NEW YORK (MarketWatch) -- China has purchased about $2 billion worth of BP stock through a sovereign wealth fund for a roughly 1% stake in the U.K. oil giant, the Daily Telegraph reported on Tuesday. "We are aware of the Chinese holding and we welcome all shareholders," a BP spokesperson told the newspaper.