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The Dow Jones Industrial Average [.DJIA
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] tumbled badly Friday after oil prices [US@CL.1
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]shot up to a new record. The unprecedented jump is all but certain to drive gas prices well past the $4 mark in the coming weeks.
It’s got to be a bubble, says Jeff Macke. For me it harkens back to 1999. The single hardest trade Monday morning will be building a position in stocks and that’s exactly how I recommend trading.
My instinct is to shrink, says Karen Finerman. And always have puts on.
I think investors should stay with what works, says Guy Adami, which has been nat gas, coal and railroads.
I see no reason to rush into the financials, says Pete Najarian. And if you’re in them I’d buy some puts.
OIL AFTERMATH
-- TRANSPORTS
Like Indiana Jones in the thick of the jungle, the airlines are cutting their way through the mess with United Airlines and Continental both announcing job reductions and fewer planes.
High fuel costs will give the industry the catalyst to fix what’s ailing them, says Jeff Macke. But they’re in a brutal place.
If you want to play transports I’d look at rails, says Pete Najarian.
-- RETAIL
Say good-bye to Thursday’s gains on better than expected same store sales.
The siren song sucked investors into retail and then dashed them on the rocks, says Jeff Macke. The only retail plays I see are Wal-Mart [WMT
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] and maybe Costco [COST
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].
-- NATURAL GAS
Natural gas is following oil up, hitting its highest levels since 2005 on the diving dollar.
I’d buy these stocks on Monday without hesitation. Look at Petrohawk [HK
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], says Pete Najarian.
WHAT'S CATAPULTING CRUDE?
In the wake of oil's meteoric surge, many investors can’t help but wonder if speculators are driving the enormous rally. Prices jumped more than 8 percent on Friday capping crude oil's biggest two-day gain in the history of the New York Mercantile Exchange.
"I’m very concerned about the rapid advance of oil prices," says Joe Terranova, Chief Alternatives Strategist At Phoenix Investment Partners. “We’re going up and we’re going up in the front. All the volume was in the first 3 months which is unusual.”
His biggest concern is that a lot of players will walk away from this market because it’s getting too volatile. “The floor of the NYMEX is getting under-populated. So when those big buy orders come in there’s no one to take the other side."
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BANKS BATTERED ON DAY, WEEK
Financials suffered steep losses this week led by Wachovia [WB
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] and Morgan Stanley [MS
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]. Meanwhile shares of National City [NCC
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] plummeted after the WSJ said its banking unit is on federal ”probation.”
The financials are a leap of faith, says Jeff Macke. For a trade I think you can build a position. Get in before earnings and get out.
I’d stay away, says Pete Najarian. There are other place to make money.
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PFIZER IN FREEFALL
Pfizer [PFE
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] stock continued to sink after hitting an 11-year low on Thursday. Earlier this week Goldman downgraded the drug maker cutting its price target to $22 from $26 as near-term pipeline products decrease in value and recent safety issues pressure the brokerage's forecasts for the company's anti-smoking drug Chantix and cancer drug Sutent.
I bought the Pharma’s HLDRS [PPH
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] on Friday, explains Karen Finerman, because overall it seems like an attractive way to play a space which seems unfairly beaten down.
Put Amylin [AMLN
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]and Isis [ISIS
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] on your radar, adds Pete Najarian for their diabetes drugs. Also watch Novo Nordisk [NVO
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].
My favorite biotech is Celgene [CELG
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], adds Guy Adami
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TOPPING THE TAPE: TECH
Although they tumbled on Friday, technology shares beat the broader market for the week with Dell [DELL
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] and Cisco