XOM technical commentary & strategy

Exxon-Mobil is stuck between a major top and a major bottom. Strong buyers accumulated shares under the $62 level and motivated sellers distributed shares above $78. There was a 30% return for those buyers in a very short period of time and it would seem that was a very solid rate of return. Those buyers are likely to put this trade back on at gently higher levels than last year. I view selling covered puts going out 6-12 months with 65 strike prices and selling covered calls with 80 strike prices. A nice 2.5% dividend along the way.