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Addison Armstrong Director of Market Research for Tradition Energy joins the panel for this conversation. Following is a summary of his main points.
Overall, Armstrong believes that oil prices will go lower and the commodities market will get softer in the early part of ’08. In fact, his price target for crude in '08 averages $75 a barrel.
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TOP SECTORS OF 2008
Energy +34%
Materials +21%
Tech +17%
Utilities +17%
Consumer Staples +13%
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However, Armstrong believes crude will have an early-year rally that will take us over $100 in Jan. -- moving up to $110 at most. But, at that point he anticipates the market will sell off on a very clear outlook for a slowing economy compounded by warmer-than-normal 2nd half of winter.
Finally, he thinks the refiners will be an interesting seasonal play but doesn’t believe the upside will last, because gasoline demand will go lower if U.S. economy worsens
* Note: On Monday December 31st the Fast Money panel was made up of:
Brian Schaeffer, Van Der Moolen Capital Markets Managing Director
Carter Worth, Oppenheimer Chief Market Technician
Jon Najarian (Pete’s brother) aka The Monster
Guy Adami aka The Negotiator
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Trader disclosure: On Dec. 31, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Jon Najarian Owns (AGU), (AAPL), (BAC), (BSC), (C), (CSCO), (DPTR), (ELON), (GS), (LEH), (MA), (MER), (MON), (MOS), (RIMM), (SOLF), (TSO), (VLO), (WM), (UBS), (XLY), (SBUX); Jon Najarian Is Long Hang Seng Index; Armstrong Owns (UUP) ; For Carter Worth – Oppenheimer & Co. Has Received Compensation For Investment Banking Services Provided To Wachovia On May 1, 2007; Oppenheimer & Co. Is A Market Maker In (ISRG, (YHOO) and (RIMM)
Data is a real-time snapshot *Data is delayed at least 15 minutes