Exxon Mobil Makes A Purchase

1:30pm (EST)

The market is getting a lift on news that Abu Dhabi has extended $10 billion to Dubai to help stay afloat. If you recall, the market took a dive on Black Friday on concerns that Dubai was on the hook for $60 billion but that number turned out to be misleading. The bulls were a little worried that the debt problems could send ripples through the global credit markets but those fears are easing with today’s news.

In M&A activity, Exxon Mobil (XOM, $69.73, down $3.10) has acquired XTO Energy (XTO, $47.74, up $6.25) for $31 billion which has sent energy stocks sharply higher today. The deal will help Exxon tap into the growing supply of natural gas in the U.S. and could signal more consolidation in the energy industry. Chesapeake Energy (CHK, $24.51, up $1.48) is up 6%…

Gold is higher by $3 to $1,123/ ounce, while oil prices are up 35 cents to $72.30/ barrel.

As we head to press, the Dow is up 27 points to 10,499 while the S&P 500 is ahead by 7 to 1,113. The Nasdaq is showing an 18 point pop and is currently trading at 2,208.

We have updated the trades again today as we are seeing some nice gains in a couple of our trades. Current subscribers please check the Members Area for the updates…

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Exxon Mobil Makes A Purchase

CFTC Disclosure: