The first thing that Cramer noted was Doug Kass, a perma-bear said he thinks we’ll close up on the markets today. That’s his call according to Cramer. Exxon Mobil (NYSE:XOM) is one he’d buy at $83.00 or $84.00, but the oil names are in the belly. Chevron (NYSE:CVX) did well and it got hit.
We’ll have to see if Jimbo’s level on Exxon Mobil is a good one or not. Shares are still only down about $6.50 from new all-time highs, so even that huge sell-off is hard to just jump all over thinking you are getting a total steal on it. Ultimately, oil stocks should follow their underlying commodity prices. But we all know you can be right and still lose your shirt.
Jon C. Ogg
July 27, 2007
Jon Ogg can be reached at email@example.com; he does not own securities in the companies he covers.