Six Degrees Of Oil
If you’re looking to trade the swings in crude you've probably looked at the United States Oil Fund or some of the refiners or even the airlines as a proxy for the sector. But Jeff Macke thinks you can trade crude with casino stocks!
Here’s his thesis. Because of the high price of fuel airlines are reducing flights including those to Las Vegas and “Vegas needs that like they need a hole in their head.” With fewer visitors and people already cash strapped he’s bearish on the space.
Guy Adami doesn’t buy it. Las Vegas Sands around $49.50 would look attractive to me, he counters.
I don’t like to gamble, adds Karen Finerman, on any of it!
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Trader disclosure: On June 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; Macke Owns (WMT), (MSFT), (INTC), (DIS); Adami Owns (AGU), (BTU), (C), (NUE), (GS), (INTC), (MSFT); Najarian Owns (AAPL), (BHI), (TSO), (ANR), (BUD), (XLF), (HPQ) (CHK); Najarian Owns (NUE) Calls; Najarian Owns (DHI) Puts, (LEH) Puts; Finerman Owns (GS); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (AAPL), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (BIG); GE Is The Parent Company Of CNBC