Thursday and Friday the Dow closed at a record high day. It closed at over 13,000 points and there were two things that pushed them over. One of them had a unknown surge which was Exxon and I'm trying to think of the second name but it deals with the reserves and currency. I wonder if Exxon has signed their contract now and their market cap went up. But either way something is up with Exxon. Also remember the article that said the oil and gas rate has been approved. HCL might be fully ratified. Look at this article and see if you find a resemblance.
STOCKWATCH DNO jumps on rumours of imminent new oil law in Iraq
Last Updated: 26-June-2007 14:30:25
OSLO (Thomson Financial) - Shares in DNO ASA jumped in afternoon trade, outperforming a weaker overall market, on rumours that the Iraqi government will soon pass a law allowing foreign oil companies - including DNO - to extract oil in Iraq, according to dealers.
At 3.25 pm, shares in DNO were up 0.36 nkr, or 2.96 pct, at 12.51, while the OSEBX benchmark index was 0.21 pct lower at 501.38.
According to Nordea Markets, the new law appears to be imminent, and as a result the broker has a 'strong buy' on the stock with a 15 nkr price target.
Rumours of the new oil law in Iraq have been circulating for a number of months, but the Iraqi government is yet to publish anything concrete.
Norwegian oil minnow DNO is the first western explorer to drill for oil in post-war Iraq, and has already said it expects to produce between 25,000-30,000 barrels of oil per day (bopd) from the region by the end of the year.
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Why is this important? There is a rule or slogan in the market.
BUY ON RUMOR AND SELL ON NEWS
Most market rumors come true
Here is some more insight, this is what happened yesterday. Exxon's market cap rose to 500 billion and caused a rush on their stock which rose the Dow to an alltime high. The second thing that rose was the financial sector of the Dow which followed the Dow and Exxon. Something must be going on, I believe they signed a contract with Iraq which made their market cap go up which means a soon Cha-ching!!!!!
Folks something is going on with Exxon. They reached an alltime high in their stock price.
Look at the surge that happened to them. It looks like a pennystock surge. Rising that much with their high stock price is amazing. We all know that Exxon has been sitting in Iraq since March 07 but I wonder if they finally signed contracts which sent their stock soaring.
http://imgcash2.imageshack.us/img409/585/w2wh5.png
Their stock is at an all time high.
http://chart.finance.yahoo.com/c/5y/x/xom
My conclusion is that these things never happen to the big boards but something happened.