No surprise here: Rising oil prices push Exxon Mobil to new highs

With oil prices rising today, shares of Exxon Mobil (NYSE: XOM) have traded up to an all time high. After opening today's session at $81.01 the stock traded up as high as $81.78 and is currently trading up 0.5% to $81.66 up $0.41.

This not only marks a new 52 week for the stock, but a new all time high as well. The past 12 months have definitely been kind to the stock which has benefited from high oil prices. Oil futures have traded up $0.62 a barrel today to $63.08. With the current high prices of both oil and gasoline looking more and more likely to stay for good, expect to see Exxon Mobil flexing its giant strength over the next couple of months.

For those of you who would like to try to invest in Exxon Mobil, but are wary of buying a stock now trading at its all-time high, let's take a look at a possible hedged play that will allow you to get in with a little downside protection. I would consider taking a look at a July bull-put credit spread below the $75 range. Taking a look at this trade you could get in with a target return of roughly 7.5% as long as the stock doesn't drop by over 8% between now and expiration.

The recent technical indicators for the stock are very bullish with a strong upward trend and the stock has been under accumulation with support above $75. S&P gives the stock a neutral 4 STARS (out of 5) accumulate rating and Investor's Business Daily gives the stock a B+ 87 score.

Exxon Mobil last reported earnings back on April 26 when it shattered analyst estimates and will not be due to report again until between July 23rd and August 2nd, which will come after the July options expire, so you would not have to worry about any earnings surprises that could put selling pressure on the stock.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer. DISCLOSURE: Mr. Fowlkes owns and/or controls diversified portfolios of long and short stock and option positions that include holdings in XOM.