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Halftime: Oil May Not Plateau Until $150

Again, the price of oil landed in the spotlight with crude prices rising for a third straight day on Friday.

Gains fly in the face of a headline making call from Goldman Sachs earlier in the week that suggested the next big move would be lower – with oil commanding too much risk premium.

Was the outside down reversal on Mondaya head fake? Is oil heading sharply higher?

Instant Insights with the Fast Money trader

Hedgeye CEO and CNBC contributor Keith McCullough is making a bold call. He thinks oil is marching much, much higher – all the way to $150. But don't go blaming OPEC, he doesn't think the driving force behind those gains will be unrest in the Mideast. According to McCullough, dollar weakness will be the driving catalyst.

He expects another 5% decline in the dollar index from current levels. "We're talking about a move to lower lows on the order of another 5-6%. And I think it happens abruptly and dangerously."

What would drive the dollar so much lower, so quickly?

McCullough thinks looming negotiations in Congress involving the debt ceiling and the deficit will be dollar bearish. "You have both of these events coming in June and I think we're going to have a currency crisis."

If you’re looking for a ‘tell’ energy trader Joe Terranova suggests focusing on the outside down reversal made earlier in the week. “$110.25 is where oil broke down,” he says. “If oil setles above that, it would be a bullish sign.” He suggests trading it long the large integrated oil names such as Exxon or Occidental. “I think those names work,” Terranova says.

Jon Najarian is also bullish energy largely because he thinks supply remains constrained and demand continues to increase. However he says “play it with the folks that go and get it. That’s RIG, National-Oilwell Varco as well as Halliburton and Schlumberger.”

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GOOGLE HITS NASDAQ

On Friday the traders were closely watching the action in Google which sold off sharply -- to a six-month low -- after the tech titan missed expectations and reported a surge in operating expenses.

How should you trade the space?

Joe Terranova thinks Google shares may be challenged. He questions whether operating expenses can move lower with both Facebook and Apple generating aggressive competition.

Jon Najarian is a buyer of Google on weakness. "Maybe $15 lower from it is now," he says. But he also says to trade out of it. Facebook and Twitter have forced them to ramp up hiring – and as a result - ramp up expenses.

Looking at tech more broadly, Top hedgie Anthony Scaramucci reveals that his peers are taking a contrarian view. "They're buying low multiple stocks such Cisco, Intel and now Google and they’re shorting cloud stocks with high multiples," he says. "But it’s a game of timing," he adds.






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Trader disclosure: On April 15, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss Owns (HK), (CMA), (DVN), (COP), (GDX), (QCOM), (BTU), (TWM), (TBT), (UUP), (MDRX), (JPM), (KEY), (HBAN); Weiss Is Short (X), (AKS); Terranova owns (JPM); Terranova owns (VRTS); Terranova owns (V); Terranova owns (BX); Terranova owns (GS); Terranova owns (UPL); Terranova owns (HOC); Terranova owns (TCK); Terranova owns (BAX); Terranova owns (OXY); Terranova owns (XOM); Terranova owns (AKAM); Jon Najarian long (AAPL), short (AAPL) calls; Jon Najarian is long (MA), short (MA) calls; Jon Najarian is long (AXP), short (AXP) calls; Jon Najarian is long (CBOE), short (CBOE) calls; Jon Najarian is long (CME), short (CME) calls; Jon Najarian is long (NYX), short (NYX) calls; Jon Najarian is long (TYC), short (TYC) calls; Jon Najarian is long (SLV), short (SLV) calls; Jon Najarian is long (SLW), short (SLW) calls; Jon Najarian is long (GOOG) puts

Anthony Scaramucci
SkyBridge Is A Fund Of Funds Manager
Funds Held May Or May Not Own The Recommended Securities

For Mosche Orenbuch
(MA), (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF) Is Or In Past 12 Mos. Was A Client Of Credit Suisse
Credit Suisse Provided Investment Banking Services To (MA), (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF) In Past 12 Months
Credit Suisse Provided Non-Investment Banking Services To (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF) In Past 12 Months
Credit Suisse Has Managed Or Co-Managed A Public Offering Of (BAC), (C), (JPM), (WFC), (AXP) In Past 12 Months
Credit Suisse Expects To Recieve/Seek Invsetment Banking Compensation From (MA), (V) (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF) In Next 3 Months
Credit Suisse Has Recieved Non-Investment Banking Compensation From (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF) In Past 12 Months
Credit Suisse Securities LLC Is A Market Maker In (BAC), (C), (JPM), (WFC), (PNC), (USB), (AXP), (COF), (MA), (V)
(V) Owned 1% Or More Of (V) As Of End Of Last Month

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)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
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 (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL PLC

For Keith McCullough
**No Disclosures

Amelia Bourdeau
**No Disclosures






CNBC.com with wires.

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