Exxon flounders in the low $80s and nobody cares to discuss it, except me. At the end of the day, the ticker showed a number of trades just after the market closing time that totalled about a million shares. This all traded at about $82.62, the next trade of a mere 300 shares was reported at about $.40 (cents) below market and the tape bar chart was painted down. What a blatant lie. 1.2 million shares trade at $82.60 or better and this volume was linked to the price of the 300 shares that traded much lower. I have seen these types of distortions before and I'm sure I will see them again. So I'll sit on it. My house is underwater and my stock is too. I'll wait it out.
Oil is expensive and MiddleEast unrest continues. The coalition of the unwilling is falling apart and I see no leadership. Exxon has reestablished its productive capacity in Japan and is over producing to relieve local demand pressures. This is good. Good corporate citizenship. Good for Exxon and good for Japan. Exxon received the US permit to reopen its Gulf area deep water well prospect. |
