Yesterday, many of the leading energy stocks led the major stock indexes lower. Exxon Mobil Corp (XOM) is considered to be the leading and most important energy stock in the market. It also has the second largest market capitalization in the stock market at $417.3 billion. Yesterday, XOM declined lower by $1.81 to $90.39 a share. Short term traders should watch for intra-day support around the $90.00, and $89.50 levels.
Other leading energy stocks that fell sharply lower included Chevron Corporation (CVX), BP plc (ADR) (BP), ConocoPhillips (COP), and TOTAL S.A. (ADR) (TOT). It should be noted that all of these stocks are very inflationary, and will generally trade inverse to the U.S. Dollar Index.