Exxon Mobil (XOM) was upgraded today after earnings yesterday that announced a 23% haircut in profits from the previous year (a mere $6-billion dollar profit). So, is it coincidence that they are today upgraded (currently the stock price isn't behaving like it has had good news), or could the timing get any better in order to help institutions lighten up their holdings in this issue now while they still can?
Here's a chart going back to 1968 that speaks volumes in terms of being close to an inflection point:
and zoom in a little closerPerhaps it could bounce from here after hitting lows last week not seen since March '08. However, this stock has been under the thumb of the 200-MA for nearly two years now, and while bounces out of the $64-range have been common, they're not drawing as much buying as they once did. It will be interesting to watch what develops.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
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