Why famed trader Mark Fisher is buying crude oil

Famed energy trader Mark Fisher says that given crude oil's recent decline and the overwhelming bearishness in the oil market, he's just about ready to get long.

"I think it's worth trying to pick a bottom and test the long side," Fisher said on Tuesday's "Futures Now." "Everyone is just bearish. The whole universe is bearish ... but I'd wait a couple more days just to inflict a little more pain on the longs before taking a stab."

Since hitting at high above $112 per barrel on Aug. 28, oil has dropped some 17 percent. And on Tuesday, oil fell for the sixth straight day to settle at $93.37—the lowest close since early June.

With the market getting hit this hard, Mark Fisher, the founder and CEO of MBF Clearing, spies an opportunity.

"I'm under the belief that you should be a buyer below $95 and a seller above $115, because I think we're stuck in a range," Fisher said. "And obviously I think that this market going down is giving you an opportunity to get long."

(Read more: Here's what will determine crude's next move: Pro)

Traders in the crude oil options pit at the New York Mercantile Exchange.
Jin Lee | Bloomberg | Getty Images
Traders in the crude oil options pit at the New York Mercantile Exchange.

So what will be Fisher's sign to buy in?

"You'll know when some bearish news comes out and the market stops going down—bad news, good action—that's probably the time when the market will turn," he said. "We're probably two or three days away from trying to pick a place."

The bottom line, Fisher said, is "simple. Commodities are a zero-sum game. So when there are too many chips stacked in one direction" then it's generally time to take the other side.

—By CNBC's Alex Rosenberg. Follow him on Twitter: @CNBCAlex.

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