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At Your (Oil) Service

Thursday, 21 Aug 2008 | 9:14 PM ET

What’s the best way to play the recent spike in oil?

The Oil Service HOLDRs (the oil services ETF) has surged more than 7% in 3 days on renewed strength in crude. Are the oil service names a more stable way to play the crude trend?

Right now we’re sitting at the 200 day moving average for the OIH. If it can break and hold above those levels I would be bullish, counsels Pete Najarian. However I prefer specific names in the sector. Get longHalliburton , Schlumberger or Diamond Off-Shore , he says.

Tomorrow's Trades #2
Discussing the best way to play the oil spike, with the Fast Money crew.

There’s been one strategy that’s worked in every asset class, says Jeff Macke, and that’s sell the rip!

Macke's bottom line: Sell, sell sell!!!







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Trader disclosure: On Aug 20, 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 (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (MS), Najarian Owns (AAPL) And Is Short (AAPL) Call, Najarian Owns (ANR) And Is Short (ANR) Call, Najarian Owns (JOYG) Call Spread, Najarian Owns (LEH) Put Spread, Najarian Owns (NOK) And Is Short (NOK) Calls, Najarian Owns (XLY) Puts

Terranova Owns (AAPL), (BNI), (CME), (EOG), (FCX), (GS), (GOOG), (INTC), (KOL), (NOV), (POT), (RIMM), (SA), (XLF), (SU), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts; Terranova Is Short Crude Oil Time Spread (Short Dec. 2009, Long Dec. 2012); Terranova Is Long Crude Oil Futures (Dec. 2012)

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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