Blue Chip Stock #1: ExxonMobil (XOM)

After bottoming in December, crude oil has steadily crept higher in recent weeks. I'm not predicting a rerun of last year's commodity boom anytime soon. Nonetheless, it seems likely that even a modest recovery in global business activity will eat into inventories of oil and natural gas, putting upward pressure on prices.

ExxonMobil (XOM), which has continued to drill aggressively during the industry downturn, will be set to cash in almost immediately.

As the financial titan of oil, sitting on $31 billion of cash (enough to pay off all the company's debt three times over), XOM is seldom a cheap stock. Since early March, though, investors have raced into dicier energy plays and left Exxon behind. It's time for quality to catch up.

Thrifty Tip: ExxonMobil features an outstanding low-cost direct-purchase plan that allows you to buy stock without going through a broker.

Minimum to set up an account: $250. (Perfect for gifts to a child or grandchild.) There's no set-up fee and no service charge on the buy side. For enrollment literature, call 800/252-1800 or visit www.computershare.com/exxonmobil.

Blue Chip Stock #2: Pepsico (PEP)

You know the old saying about what happens when the going gets tough. Pepsico (PEP) — which produces Lay's snack foods and Quaker Oats cereals as well as soft drinks, fruit juices and bottled water — is run by one tough customer, Indra Nooyi, who "got going" in early May with a 6% dividend hike. The company has now sweetened its payout 37 years in a row…