Exxon Mobil Corp (XOM) is the World's leading integrated energy stock. The company also has the largest market capitalization which is around $400 billion. Any stock of this size can impact the major stock indexes. Today, XOM stock is trading lower by 0.54 cents to $88.23 a share. This decline in XOM stock is a bit surprising since the major stock market indexes are rallying higher. As you may know, the S&P 500 Index made a new all time high today. Short term traders should watch for intra-day support around the $88.00, and $87.50 levels.
Normally, most other leading integrated energy stocks such as Chevron Corporation (CVX), BP plc (ADR) (BP), and ConocoPhillips (COP) will follow the action in XOM stock. Today, all of these other integrated energy stocks are trading positive. This tells us that today's decline looks to be specific to just XOM. Please remember, XOM stock is the still the leading stock in the sector.
Normally, most other leading integrated energy stocks such as Chevron Corporation (CVX), BP plc (ADR) (BP), and ConocoPhillips (COP) will follow the action in XOM stock. Today, all of these other integrated energy stocks are trading positive. This tells us that today's decline looks to be specific to just XOM. Please remember, XOM stock is the still the leading stock in the sector.
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