Exxon Mobil is 5 percent of the S&P 500. Exxon is bigger than all of the big banks combined. Exxon is the tell - we don't know if it is the chicken or the egg.

But if Exxon ramps, you have a real trade to the upside.

No one stock has ever dominated the S&P like this one. If you can manipulate it upward - oh, stop with the innocence, you can manipulate anything with this SEC on the case - you can get a rally started. When you pair it with a Google-led rally on the Nasdaq, you know you can shake off pretty much anything.

You know that with Exxon as the anchor, it might be difficult to take the SPX down to where the bears want it to go. The index is so changed, you can't even compare it with where it was four months ago.

When you layer in that the drug stocks, which are still big and look like they are consolidating, you have another group that could change radically. (People should be buying Forest Laboratories calls here. No dividend to fret about.)

AT&T and Verizon, two other huge players in the index, should bottom here, again, on yield support.

Originally published by James Cramer, TheStreet.com.

(c) 2009 Rocky Mountain News. Provided by ProQuest LLC. All rights Reserved.

A service of YellowBrix, Inc.