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Exxon Refuses To Give Up, Could Prop Markets Higher Off Lows

Jan. 19, 2011 12:15 PM ETXOM
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The biggest market cap stock continues to refuse to give up and fall. Exxon Mobil Corporation (NYSE:XOM) is back to the flat line on the day trading at $78.71, 0.00 (0.00%).  This is impressive to say the least as the stock was down earlier but has come back strong. XOM is a major component of the Dow Jones Industrial Average and often looked at is a barometer for the markets. When XOM rallies, the markets often rally.  Today, the markets are down but as XOM has moved to the flat line, the markets have started to move up. It is often said that the Federal Reserve uses XOM to prop up the stock market on down days. This may be starting today.

Gareth Soloway

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