Fast Money: Rapid Recap - The first and only official show synopsis
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Is oil [US@CL.1
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] about to rally hard, just like gold [US@GC.1
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] did a few weeks back?
It sure seemed that way until Friday when crude oil prices fell from a one-year high above $78 a barrel, as investors questioned whether an $8-a-barrel rally since last week was warranted with global supplies still high.
"If you look at the stock situation you would not be buying. There is still an awful lot of supply," says Rob Montefusco, an oil trader with Sucden Financial.
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Nonetheless traders can’t help but notice the bullish momentum generated by this market. And with the dollar [US@DX.1 Loading... ()] widely believed to be growing weaker long-term -- oil prices should continue to rally.
So is oil about to rally hard, just like gold did a few weeks back?
I 'do' think oil continues to rally, says Joe Terranova. And I’d play it with the oil services names as well as the refiners.
There’s no doubt that Schlumberger [SLB
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] and Halliburton [HAL
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] are making money, adds Tim Seymour. But as far as refiners are concerned, I think margins are kind of stuck in the mud.
If you're bullish energy I'd play the energy space with Weatherford [WFT
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], adds Pete Najarian.
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Trader disclosure: On Oct. 16th, 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 (HGSI) Call Spread; Najarian Owns (XLF) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (BAC); Najarian Owns (WFT) Calls; Grasso Owns (ASTM), (BAC), (C), (COST), (PRST), (V), (WMT), (FAZ), (XLF), (AAPL); Terranova Owns (SUN), (OIH), (HOC), (HES), (POT); Terranova Is Short (GRMN), (CCL)
GE Is The Parent Company Of CNBC
NBC Universal Is The Parent Company Of CNBC
For Steve Grasso:
Stuart Frankel And Its Partners Own (AIZ)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (MSFT)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NXST)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (ROK)
Stuart Frankel And Its Partners Own (TLM
Stuart Frankel And Its Partners Own (XOM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)
For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (AAPL)
Cantor Fitzgerald & Co. Is A Market Maker In (MSFT)
Cantor Fitzgerald & Co. Is A Market Maker In (YHOO)
Data is a real-time snapshot *Data is delayed at least 15 minutes