Oil fell to a 2-week low after Ben Bernanke supported a strong dollar. What's the best way to play the pullback?
Joe Terranova, Chief Alternatives Strategist At Phoenix Investment Partners, joins the panel for this conversation. Following is a summary of his main points.
On Wednesday morning oil traders will be closely watching the weekly supply report, Terranova explains. I think crude could pull off and possibly test the technically important $120 barrier.
How are you trading?
I’m short Hess , long Sunoco and long Southwest as well as long the Canadian dollar. It’s a bearish position but "I’m only holding it to about June 10th – 15th then I'll pull it off. It's an opportunity trade."
How about after that?
I recommend getting into natural gas and steel. That’s probably where you want to be in the second half of the year, Terranova adds.