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Addison Armstrong, Director of Market Research at Tradition Energy joins the panel for this conversation. Following is a summary of his main points.
Is oil poised to break out?
I think we’ll go to wherever the dollar leads us, replies Armstrong. I don’t think we’ll move out of the range ($100 - $110) until we get a move on the dollar.
If there’s a very bullish catalyst on Wednesday I think we might test the $110 level. But only if we break through could we be on the march to $120, he speculates.
What’s your instinct?
I think you’ve got to wait and see, Armstrong says. I’d wait to see if oil breaks out over $110 before buying.
And if that happens, how would you play it?
With the United States Oil Fund [USO
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], he says.
What do you think of natural gas?
I like it. I think it’s the one trade in energy that really has fundamentals, replies Addison. Look at the producers and drillers in this space, he counsels.
I like Apache [APA
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], adds Guy Adami. I think it’s a buy on any dip.
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> Can Oil Hold $100
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Trader disclosure: On Apr .8, 2008, 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 (YHOO), (MSFT), (INTC); Najarian Owns (AAPL), (MSFT), (YHOO), (XLF), (CSCO), (BIIB), (CHK), (BKC), (AMR), (DAL); Najarian Owns (AA) Calls, (BA) Calls, (BSC) Calls, (COP) Calls; Najarian Owns (LEH) Puts, (MER) Puts, (OIH) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (MSFT), (PZN), (SUN), (TSO), (VLO), (WMT), (YHOO), (KALU), (SBUX); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns (FNM) Calls; Finerman Owns (AMV) Warrants
Armstrong Owns (VLO)
Data is a real-time snapshot *Data is delayed at least 15 minutes