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Hold you hats, Dr. Doom is forecasting a (small) boom!
As you may know Dr. Doom is the familiar name for the widely followed investor Marc Faber. He made a name for himself by telling investors to sell all their U.S. stocks a week before 1987 crash. He also publishes the popular GloomBoomDoom newsletter.
Despite the negative tone of his nickname, Faber is bullish -- he thinks that some stocks are heading for a boom. “Commodities are very cheap in real terms,” he says. We found his sentiment so intriguing that we invited Faber to be our guest on Fast Money.
He told us "industrial commodities are cheap in particular" and he’s extremely bullish on the oil servicing companies. “Oil has a huge geo-political aftertone. The US and China need oil – and they need to become less dependent on the Middle East. That should stimulate exploration.”
And it’s interesting to note that in a recent Bloomberg report Faber suggested some other commodities plays. Specifically he said to keep an eye on gold miners. "The mining stocks, especially exploration companies, are relatively attractive, but you have to buy the ones that have a strong backer,” he said.
And he recommended trading the hypothesis by getting long Ivanhoe Mines [IVN
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], NovaGold Resources [NG
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] and Gabriel Resources [GBU
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].
Sound familiar? It's because Fast Money told you about this trade well over a week ago!
It’s the same trade FM contributor Jon Najarian suggested on Friday February 27th . At the time he suggested," long the miners ETF [GDX
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] and short the GLD [GLD
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] against it.
Read More:
> Click here to read more about Najarian’s gold trade
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Trader disclosure: On Mar. 6th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (GDX); Najarian Owns (DNA) Calls; Najarian Owns (FCX) Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MSFT) & (MSFT) Calls; Najarian Owns (PNC) Put Spread; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (WFC) & (WFC) Calls; Finerman Owns (WFC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (MSFT), (PBR), (RIG), (TGT); Finerman's Firm Is Short (VNO), (BAC), (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO); J. Najarian Owns (AA), (FDO), (M); J. Najarian Owns (MS) & (MS) Puts; J. Najarian Owns (BAC) Preferred; J. Najarian Owns (FAS)
CNBC.com with wires
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