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In Exxon's Thrall

By Jim Cramer

 About this article:
 We are in Exxon's hands. Remember, Exxon is the key to a lot of expiration issues because it is so big. Right now I regard it as the ultimate tell of the market. Exxon goes out at the strike. That's what it has always done. I look at it here and I say that the market will break through the key lows if Exxon goes to $70, but the market will explode upward if it gravitates toward the $75 strike. Remember how it all works. If you own Exxon 75 puts, you might be inclined to sell them, which would then support the stock. But if you own Exxon 70 calls, you also might be a seller. Given that oil's been able, once again, to hold $35, the case for Exxon going up can't be dismissed. But the downward pressure of the whole market could weigh on...

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