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Joe Terranova is Director Of Trading at MBF Clearing Corp. Following is a synopsis of his main points.
Outlook
Oil could rally an additional 10% to 15% in the coming months, says Terranova. Currently, oil investors are starting to bid up the long-dated contracts, which suggests to me that oil could stay at the $100 dollar level for some time.
(One of the factors supporting the high price of oil is the Bush Administration’s aggressive push to fill the Strategic Petroleum Reserves to 727 million barrels, according to Terranova.)
How do you trade it?
I recommend getting long the commodity itself with a stop out at $95, says Jeff Macke. Or investors can look at the United States Oil Fund [USO
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].
Check out XTO Energy [XTO
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] and ConocoPhillips [COP
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], Pete Najarian adds.
Investors could also buy the drillers and explorers. In the space I like Transocean [RIG
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] and Equitable Resources [EQT
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], says Tim Seymour.
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Trader disclosure: On Feb.27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (XTO) Calls, (JEF) Calls, (CNET) Calls, (BIIB), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO) Calls; Macke Owns (INTC), (DIS), (ATVI); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (SHLD), (TSO);Seygem Asset Management Owns (INFY), (EWT), (AUO), (UMC), (TSM), Gazprom, Is Short (PBR); Finerman Owns (HD), (GS), (LOW); Finerman’s Firm Owns (FNM), (MSFT), (YHOO), (WMT), Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (LEH), Finerman’s Firm and Finerman Own (FLS)
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