With oil at six-month highs and trading higher Wednesday, why is "Fast Money" trader Steve Cortes still bearish?
Despite its gains, oil is still not breaking out, noted Cortes, founder of Veracruz. Should oil get and stay above $85 a barrel, he would remove his shorts. But so far, oil stuggled to do so.
Cortes thinks the all commodities look weak, including copper . He expects them to fall and thinks there are at an inflection point. But if they continue to climb higher, he'll take off his shorts.
Shares of MGM Resorts International popped Wednesday after the gambling giant reported strong earnings Tuesday night.
The past few months have been good for the gaming industry, noted Jon Najarian, co-founder of optionMONSTER.com. Following its strong earnings report, he said MGM traded three times full-session volume by midday Wednesday. People are buying calls.
Najarian said both Las Vegas Sands and Wynn Resorts also experienced greater activity in the options market Wednesday.
GOLD TRADE STILL ON?
After the largest change in House seats since 1948, it remains to be seen what impact a divided Washington will have on the markets.
The consensus on Wall Street, reports CNBC's Melissa Lee, is that gridlock essentially wipes out any hope of fiscal stimulus. In turn, the Federal Reserve is more likely to act through monetary stimulus, which would be a longer-term weight on the US dollar .