Web Extra: Burned by Ultra Petroleum

A long position in Ultra Petroleum looked like a hot trade but all it did was burn Joe Terranova. So what does he have to say about this stock now?

The Liquidator made the fateful call on December 6^th when another trader suggested gaming energy with SandRidge.

“No way. Don't like it,” he said at the time. “The range in Sand Ridge this year has basically been 4 bucks to 11 bucks. Instead, your play on this is UPL, Ultra Petroleum.”

As it turned out, since Terranova suggested a long position in Ultra Petroleum shares have slipped about 5%. Meanwhile the stock he didn't like, Sand Ridge, gained a whopping 22%.

So what does he have to say for himself now? Find out in this web extra. Watch the video now!

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Trader disclosure: On Jan. 24, 2011, 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); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Terranova Owns (UPL); Terranova Owns (VRTS); Terranova Owns (PVH); Terranova Owns (GM); Terranova Owns (CVI); Terranova Owns (CNQ); Terranova Owns (LTD); Terranova Owns (C); Terranova Owns (PEP); Terranova Owns (CPX); Terranova Owns (ARUN); Terranova Owns (MS); Terranova Owns (RSH); Terranova is short Gold; Weiss owns (UUP); Weiss owns (TBT); Weiss owns (QCOM); Weiss owns (MXIM); Weiss owns (VZ); Weiss owns (WFR); Weiss owns (JPM); Weiss owns (MEE); Weiss owns (BTU); Weiss owns (FAS)

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For Joe Terranova
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For Tim Seymour
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For Jon Najarian
Najarian owns (VMW) puts

For William Power
Robert W. Baird & Co. Incorporated is a market maker in (AAPL), (RIMM), (S), (T) and (VZ)
Robert W. Baird & Co. Incorporated and/or its affiliates expect to receive or intend to seek investment banking related compensation from (AAPL), (RIMM), (S), (T) and (VZ) within the next three months.

For Amelia Bourdeau
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For Mike Khouw
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For Gillis/Brown SOT
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For Jon Najarian/Joe Terranova SOT
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For Fast Fire SOT 12/6/10
Terranova owned UPL on 12/6/10

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