Peak Exxon, revisited.

In this post I suggested that Exxon Mobil shares had peaked.  The red circle marks the timing of that post.  From there, they dipped and then went to a slightly higher high (by 50 cents) in July.  With that double top in place, they are down well over 10% in just 2 months.  This is not some Internet startup we are talking about here. This is Big Oil.  Ignore this at your peril.  The global economy is grinding to a standstill.  This is a slow motion train wreck for now but in the next month or two it is going to accelerate rapidly once XOM gets out of wave 1 down, finishes with wave 2 and then begins a massive plunge into wave 3.  Yes, this is going to happen.  No, there is nothing anyone can do about it except get to cash and wait for a very likely massive collapse to play out (or go short of course but most people do not see this as a viable option).