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OIL RISES TO 2-WEEK HIGH
The Fast gang is also closely watching the action in crude, which rallied again on Tuesday on reports of tighter supplies.
What’s the trade?
As mentioned above Jon Najarian expects oil to bounce between $90 - $100. “At $97 I’d take profits,” he says.
Joe Terranova thinks the best way to play energy is with equities. He recommends long positions in – CNQ, Suncor , Halliburton or Occidental .
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GOLD RECLAIMS KEY $1,500
On Tuesday investors bid gold higher with the precious metal again trading above the psychologically important $1500 level.
What’s the trade?
Patty Edwards doesn’t think gold declines anytime soon, simply because retail investors aren’t showing any signs of wanting to sell.
Brian Kelly also suggests gold continues it’s march higher. He believes that as governments of the world ‘change the rules of the game’ more investors will find gold attractive.
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Trader disclosure: On July 5, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long (AAPL) calls; Jon Najarian is long (BIDU) calls; Jon Najarian is long (GOOG) calls; Jon Najarian is long (NFLX) calls; Jon Najarian is long (WNR) calls; Jon Najarian is long (UA) calls; Edwards owns (FXC); Edwards owns (XLK)
For Patty Edwards
Edwards is long (HLF) for clients
Edwards is long (AAPL) for clients
Edwards is long (AMZN) for clients
Edwards is long (SYT) for clients
Edwards is long (POT) for clients
Edwards is long (MSFT) for clients
Edwards is long (QCOM) for clients
Edwards is long (GE) for clients
Edwards is long (VZ) for clients
Edwards is long (XLB) for clients
Edwards is long (SPX) for clients
Edwards is long Nasdaq 100 for clients
Edwards is long gold for clients
Edwards is long silver for clients
For Brian Kelly
Accounts Managed by Brian Kelly Capital are long Australian Dollars
Accounts Managed by Brian Kelly Capital are long New Zealand Dollars
Accounts Managed by Brian Kelly Capital are long euros
Accounts Managed by Brian Kelly Capital own (TBT)
Accounts Managed by Brian Kelly Capital own (WFC)
Accounts Managed by Brian Kelly Capital own (KRE)
Accounts Managed by Brian Kelly Capital own (MOS)
Accounts Managed by Brian Kelly Capital own (IPI)
Accounts Managed by Brian Kelly Capital own (XLK)
Accounts Managed by Brian Kelly Capital are short U.S. Dollars
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 (NRCI)
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 (SUBK)
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 & URL PLC
Virtus Investment Partners Owns More Than 1% Of (DRYS)
For Dennis Gartman
Funds Managed by Dennis Gartman are long canadian dollars, australian dollars, swiss franc, gold, corn, soybeans
Funds Managed by Dennis Gartman are short yen, euro, british pound sterling, copper
CNBC.com with wires.