Don't know if he did buy XOM or not, but buying XOM on dips is certainly FAR from the worst trade on the board. If a 'Pubbie happens to be elected in 2008, this trade will prosper (and it may do anyway, unless it's Hitlery who's elected) as will the drilling and equipment shares. Keep your eye on the 12-month crack strip for a VERY good indicator of what crude and the products will be doing for the rest of the year (hurricanes excepted, of course).
I've been short the Russell 2000 for about 2 months. Just about time to cover, it would seem. Monday will tell the short-term tale on DJIA and S&P. Not in a hurry at all -- the market(s) speak, some few listen.
Also, as you're perhaps a trader, you might find it advantageous to start buying water shares. Not too many of these in the US, but there are a couple of ETFs.
Sure I did, bought 100 shares @ 82.00.
You should try it some time.
If you got the nerve, or the money.