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What’s the energy trade ahead of Friday earnings from Exxon Mobil and Chevron?

Shell'snumbers were phenomenal, says Jon Najarian on CNBC’s “Closing Bell.” They posted a 60% jump in profits and I would expect similar numbers for the world’s other large oil companies. Since crude prices are high the numbers out of Exxon Mobil (XOM) could be absolutely stunning.

What do you think about the intensity of the reversal on Thursday?.

This is that “V” shaped bottom that I’ve mentioned in the past, replies Najarian. It seems to me that money is flowing into pharmaceuticals and consumer discretionary stocks.

As far as I’m concerned, some of the baby got thrown out with the bath water during all the recent selling. Currently, I recommended taking a look at some of the financials such as Bank ofAmerica. There could be some buying opportunities.

What do you expect in February?

I think in February the market will see a significant easing of volatility, Najarian says.

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