Litmus Test On New Environment Rules, Thursday

If you’re looking for a litmus test on how the government may react to environmental issues, look no farther than Thursday.

That's when the senate is expected to vote on whether to debate new regulations involving cap and trade. At issue is whether the EPA has the power to implement new regulations under the Clean Air Act.

Republicans have largely argued any issue of this magnitude must only be handled by Congress - not the EPA.

Although nothing will be decided on Thursday, the vote will still be widely followed.

If many Dems vote with Republican's it could reveal “the breadth of resistance to the Obama administration's climate policies,” writes the Wall Street Journal."

What else should you know about these developments. Find out from Rep. Mike Pence (R-Indiana). Watch the video now!

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Trader disclosure: On June 9, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian owns (AMD) calls; Pete Najarian owns (MCD) calls; Pete Najarian owns (C) calls; Terranova owns (IPSU), (BX), (UDN), (PFE), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (GLD), (AAPL), (IPI), (SU), (V), (TEVA), (FXB), (CVS); Adami owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Grasso owns (ABK), (BAC), (BGP), (C), (DYN), (JPM), (LPX), (NDAQ); Kelly owns (GS) puts; Kelly owns (SPY) puts

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 (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)

For Steve Grasso
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HON)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (SYMC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (TBT)

Brian Kelly
Kanundrum Capital is short (AMZN)
Kanundrum Capital is short (RCL)
Kanundrum Capital is short (XLY)
Kanundrum Capital is short (AFL)
Kanundrum Capital is short (EWI)
Kanundrum Capital is short (EWO)
Kanundrum Capital is short (GS)
Kanundrum Capital is short (HIG)
Kanundrum Capital is short (XLF)
Kanundrum Capital is short (FCX)
Kanundrum Capital is short (XLB)
Kanundrum Capital is short the Euro
Kanundrum Capital is short the U.K. Pound
Kanundrum Capital is short the Swiss Franc
Kanundrum Capital owns (GLD)
Kanundrum Capital owns (GDX)
Kanundrum Capital owns (GDXJ)

Kanundrum Capital owns (AUY)
Kanundrum Capital owns (GFI)
Kanundrum Capital owns (TLT
Kanundrum Capital U.S. Dollar

For Dennis Gartman
Funds managed by Gartman are short yen
Funds managed by Gartman are short sterling
Funds managed by Gartman are euro
Funds managed by Gartman own gold
Funds managed by Gartman owns NFLX
Funds managed by Gartman are short RIMM
Funds managed by Gartman own (SDS)

For Scott Hanold
RBC Capital Markets is currently providing Anadarko Petroleum with non-securities services
RBC Capital Markets has provided Anadarko Petroleum Corporation with non-investment banking securities-related services in the past 12 months

Whitney Tilson
Funds managed by Tilson own (BP)

For Mike Khouw
Cantor Fitzgerald makes a market in (ADM)




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