Guy Adami thinks refiners are in play. "I'd look at Valero. At $25 it looks reasonable."
Brian Kelly suggests looking at some of the tankers such as Frontline. "I wouldn't buy here, but maybe on a pullback if problems in Egypt continue," he says.
”I’m seeing strong call volume in the Frontline options,” says Pete Najarian adding to Kelly's bullish case. Najarian sees options investors making upside bets using the 27.5, 29 and 30 calls in Frontline.
Meanwhile Jared Levy, Chief Derivatives Strategist at TPG, has Apache on his radar. The stock is taking a hit because they own fields in Egypt, “but their oil fields are about 400 miles away from the Nile delta,” he says. “They have little chance of being affected. It’s a higher risk trade but I think Apache is a stock to buy here,” he says.
Tim Seymour is looking at the sell-off in Israel on the Egypt news. He's a buyer of weakness in Teva.
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VODAFONE IN EGYPT
Meanwhile, the Egyptian government ordered all mobile telephone operators to suspend services "in selected areas" of the country, Vodafone said Friday.
In a statement, the company said "under Egyptian legislation, the authorities have the right to issue such an order and we are obliged to comply with it."
Britain-based Vodafone Group is one of the largest mobile phone operator in Egypt, with more than 25 million subscribers.
What’s the trade?
Pete Najarian suggests keeping the stock on the radar. Although it’s down, “I don’t know if it’s fallen enough to be attractive,” he says, “but I’d keep my eye on it.”
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EGYPT TRIGGERS FLIGHT TO SAFETY
Looking at the markets broadly, both the Dow and S&P fell as events in Egypt sent investors running for the exits.
"It is too soon to say what the outcome of this is going to be," says Joe Battipaglia, market strategist at Stifel Nicolaus in a Reuters interview. "A breakdown in internal control in Egypt will be debilitating for North Africa, will have negative impact on energy prices, and that could be a challenge to the economy in 2011."
What should you be watching?
Pete Najarian suggests keeping an eye on the Vix . “It spiked above the 50-day, 100-day and now the level to watch is the 200-day at 23,” he says.
Steve Grasso is watching technical levels in the S&P. "The close below 1283 makes for 2 losing weeks in a row. That’s bearish."
Guy Adami agrees. He, too, is concerned that the market may be on the brink of something serious . He says, "we saw a major reversal in the S&P. We had an outside week."
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Trader disclosure: On Jan. 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BA); Seymour owns (F); Seymour owns (FXI); Seymour owns (GE); 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)l Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (UPL); Terranova Owns (GM); Terranova Owns (PEP); Terranova Owns (TLT); Terranova Owns (MS); Terranova Owns (POT); Terranova Owns (LTD); Terranova Owns (SU); Terranova Owns (CVI); Terranova Owns (CVE); Terranova Owns (CPX); Terranova Owns (CNQ); Jon Najarian owns (MEE), is short (MEE) calls; Jon Najarian owns (ACI), is short (ACI) calls; Jon Najarian owns (ANR), is short (ANR) calls; Jon Najarian owns (SVVS), is short (SVVS) calls; Jon Najarian owns (EQIX), is short (EQIX) calls; Jon Najarian owns (GS), is short (GS) calls; Jon Najarian owns (WMT), is short (WMT) calls
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BRIAN KELLY
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For Dennis Gartman SOT 1/28/2011
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