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Abby Joseph Cohen writes about this phenomenon, explains Guy Adami. She points out that although crude makes big headlines it’s not as big a deal to GDP as the Street often makes it out to be. Frankly, I don’t think we’re that close to a price which will make the global economy stall.
I think the big impact is the US driving consumer, adds Tim Seymour. If we see gas at $4 a gallon, then we might start to see some resistance.
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Trader disclosure: On Mar.11, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Pete Najarian Owns (AAPL), (AMAT), (BIIB), (C), (CSCO), (MS), (MSFT), (NOK), (XLF), (YHOO), (CPHD); Pete Najarian Owns (AA) Calls, (COP) Calls; Pete Najarian Owns (FNM) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (AEO), (FNM), (GE), (JCP), (MO), (MSFT), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Seymour Owns (CFC), (CSCO), (INTC), (MBI), (MSFT), (S), (TMA), (TSO), (TSM); Seygem Asset Management Owns (VIP); GE Is The Parent Company Of CNBC
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