TheStreet’s Jim Cramer is keeping an eye on Chevron (CVX) and Exxon (XOM) as both energy giants are set to post their latest quarterly results before the bell Friday. Following Royal Dutch Shell’s disappointing results Thursday morning, the stock is going higher only because the company announced it plans to cut operating costs by $4 billion and capital expenditures by $7 billion. It also plans to eliminate 6,500 jobs from its workforce. Some may wonder how to play Exxon and Chevron ahead of earnings. Cramer says you shouldn’t read through Royal Dutch’s disappointing quarter because Exxon and Chevron are much more strongly positioned. Cramer says he’s been watching Exxon and adds that ‘one of our chartists, the fibonacci queen, said if it held $80 it could still go higher, it certainly did hold $80.’ Cramer says he’s a seller of Chevron and maybe a buyer of Exxon on a pullback.
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