Exxon (XOM)

I expect Exxon will run into resistance right here at $75. The fundamentals have deteriorated a lot with oil falling from $78 to $53 and refining margins contracting quite a bit from year-ago levels, yet the stock is only about $4 off its all-time high. One analyst I know makes a good case that, at these levels, Exxon is trading like oil prices are going back to $70. Earnings estimates will have to come down so the stock is not as cheap as it looks on a forward P/E basis. I think it's a value trap and wouldn't be surprised if the stock is flat to down over the next 2 to 3 years.