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Pete Najarian Spots Unusual Action in Energy

Friday, 21 Oct 2011 | 1:39 PM ET
Will Europe Implode?
Discussing whether the market will really care about a "final solution" out of Europe, with the Fast Money traders, and Nick Colas, Convergex Group.

Looking at the energy sector, Pete Najarian and Steve Grasso have both spotted an opportunity.

What’s the trade?

"Although Schlumberger missed estimates they showed glimmers of hope in Mexico and Russia," explains Steve Grasso. "And who else has a footprint in those nations – Weatherford . I’m seeing SLB being sold and Weatherford being bought."

”I’ve really liked Weatherford for a while,” says Pete Najarian. “I’m seeing a lot of call buying in November. I think it’s a name to keep an eye on.”


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Trader disclosure: On Oct 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Najarian is long C; Najarian is long BX; Najarian is long MSFT; Najarian is long AAPL; Najarian is long WFT; Najarian is long CLF; Najarian is long X; Grasso owns AA; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Karabell is long AAPL; Karabell is long GOOG; Karabell is long MS; Karabell is long IBM; Karabell is long MSFT; Karabell is long SLB; Seymour owns INTC; Seymour owns MSFT

For Steve Grasso
Stuart Frankel & Co and it’s partners own CUBA
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own GERN
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own JPM
Stuart Frankel & Co and it’s partners own MET
Stuart Frankel & Co and it’s partners own MSFT
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own NYX
Stuart Frankel & Co and it’s partners own PFE
Stuart Frankel & Co and it’s partners own PRST
Stuart Frankel & Co and it’s partners own UAL
Stuart Frankel & Co and it’s partners own XRX

For Zach Karabell
Rivertwice is short XLF
Rivertwice is short SMH
Rivertwice is long IBM
Rivertwice is long QCOM
Rivertwice is long FCX
Rivertwice has long calls MOS

For George Davis
No disclosures

For Nick Colas
No disclosures

For Tres Knippa
No disclosures


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