Short City Update: Cover Exxon-Mobil short

Posted Jul 20th 2009 5:15PM by Joseph Lazzaro
Filed under: Exxon Mobil (XOM)

I'm recommending that traders Cover a Short for Exxon-Mobil (NYSE: XOM), recommended as a Short on June 3, 2009 at a price of $72.09.

Take the minor three points and run. It now appears that Exxon will benefit from several upstream growth opportunities in both oil and liquefied natural gas, and the company's superior technology should result in these projects increasing production quickly and efficiently.

Further, technically, Exxon's chart appears to have held support at $65, with further support at $62 and $60.

For now, stand aside with XOM after covering the short. I'll have an update after XOM reports Q2 earnings results on July 30.

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Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.

Tags: exxon, oil, shorts