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Earlier Monday Wall Street stocks rose, driving the Dow Jones Industrials [.DJIA
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] up 1 percent as investors bet that the U.S. economy will avoid sinking into recession. That gave a boost to growth-sensitive sectors such as transport and technology.
Shares of energy companies, including Exxon Mobil [XOM
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] were boosted by near-record crude oil prices. Oil futures traded at $126.50 per barrel, just slightly below Friday's record of $127.82.
However minutes before the closing bell the Dow gave back a large part of those gains. Has the stock market gone too far too fast?
“I would be cautious to be openly short this market,” counsels Pete Najarian on CNBC's "Closing Bell". Instead, I think investors should look at options. I recommend getting long puts or a put spread.
And if you want to get long stocks the most confident plays for me are first coal and then natural gas, he counsels.
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