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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 6th 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)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (YGE)
Accounts Managed By Kanundrum Capital Are Long the Euro
Accounts Managed By Kanundrum Capital Own (TBT)
Accounts Managed By Kanundrum Capital Own (TER)
Accounts Managed By Kanundrum Capital Own (QLGC)
Accounts Managed By Kanundrum Capital Are Short The Yen
Accounts Managed By Kanundrum Capital Are Short USD

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
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Virtus Investment Partners Owns More Than 1% Of (XLP)
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Virtus Investment Partners Owns More Than 1% Of (XLE)
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Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)

For Tim Seymour
Seymour has no disclosures

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
Bourdeau has no disclosures

For Mike Khouw
Cantor Fitzgerald & Co is a market maker in (JNPR)
Cantor Fitzgerald & Co is a market maker in (FFIV)

For Gillis/Brown SOT
No disclosures for YHOO on 1/4/11

For Jon Najarian/Joe Terranova SOT
No disclosures for NVDA on 1/10/11

For Fast Fire SOT 12/6/10
Terranova owned UPL on 12/6/10

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