Fast Money Mail: We Answer Your Questions
Time to dip into the Fast Money mailbag and answer more of your questions.
Gayla from California
Gayla writes, “Lee Raymond, the former CEO of Exxon Mobil (XOM), has said that the price of oil shouldn't be $80 per barrel. He's said there is no reason for it and that the fundamentals just aren't there to support this price. This leads me to think that oil is being artificially inflated. Are oil futures traders to blame? Could this same scenario be unfolding in other commodities like wheat? If so, perhaps there is no "real" inflation at all.
Karen Finerman doesn’t believe that speculators can manipulate the markets long term. She tells Gayla that at the end of the day, price is determined by demand and supply.
Mark from Massachusetts
Mark writes, “I know some of the traders have liked EMC Corp. (EMC) in the past. Why hasn't EMC broken out of its current trading range, while VMware (VMW) continues to soar? Has Wall Street ignored the fact that EMC still controls about 85% of VMW?”
Guy Adami explains that traders are likely paring out of EMC and getting long VMW. Guy adds that he still likes EMC and expects the stock to have a 20-handle soon.
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Trader disclosure: On Sept. 20, 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 (ATVI), (EMC); Najarian Owns (AAPL), (VMW), (CREE); Finerman's Firm Owns (BEAS), (LTD), (BWS), (NMX), (NYX), (COP), (KALU); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (HD)