Fast Money Chartology - Gas Spike Today
As volatility with gas, crude and jet fuel rises, what’s the trade? Eric Bolling pulls together some charts to illustrate what’s going on in this explosive sector.
Earlier today, on CNBC, Dylan and Eric spoke with the EIA’s Howard Gruenspecht, who said gasoline will rise from current levels as summer approaches. Gasoline was flat all morning, Eric says, and popped 500 points after the comment.
When gas is charted against jet fuel, they run in tandem. But Eric also put jet fuel in a chart against Continental Airlines (CAL) stock and – as one might expect – when one went up, the other went down. This trend was replicated with the totality of the airline sector when it was put up against gasoline as well as jet fuel.
Eric says he recommends selling the airlines and buying the refiners (he’s especially fond of Valero (VLO)).
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On MAR 29, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (SWY), Strazzini Owns (MO), (NBG), (SNDK), (STM) Bolling Owns (NYX), (ICE), Gold, Silver, Is Short Natural Gas