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Is the market's recent pullback a deep dive or just a shallow correction? Find out from Fast Money trader Joe Terranova!
It’s a shallow correction, exclaims Terranova excitedly. A shallow correction!
What makes him so sure?
Terranova believes a demand for commodities will drive the market, once again. That’s right he expects oil to go higher as well as the spot price of metal, grains and more – all propelled by a weak dollar.
Huh?
Remember, most commodities are nominated in dollars and a weaker dollar makes them more expensive relative to other currencies. Hence the higher prices.
But what drives the dollar lower?
Terranova believes the flood of debt coming onto the market will spark inflation. And he’s not alone. Karen Finerman often says the same.
So, what’s the trade?
I had short positions in the OIH[OIH
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], says Terranova but I’ve closed that out and I’m now long Hess[HES
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].
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
- Hold 'Em Or Fold 'Em
- Off The Record w/ Charlie Gasparino: Bank of America
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Trader disclosure: On June 23rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (INTC) & Is Short (INTC) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (ORCL) Call Spread; Najarian Owns (YHOO) Call Spread; Terranova Owns (TER), (XBI), (BTU), (MSFT), (HES), (RIMM), (BTU), (MS); Terranova Is Short (GENZ) Call Spreads; Terranova Owns (GENZ) And Is Short (GENZ) Calls; Terranova Owns (DIS) Call Spreads; Terranova Is Short (XOM) Call Spreads; Finerman Owns (TBT); Finerman's Firm Owns (MSFT), (PBR), (RIG), (NOK), (TBT), (YUM), (WMT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (IJR), (MDY), (IWM), (SPY), (USO),(CAKE); Seymour Owns (BAC), (AAPL), (EEM), (FXI), (NOK), (PWRD)
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