Market Wild Card – Crude Oil

If there’s one wild card in this market it’s oil . The Fast Money pros suggest watching the action carefully.

Crude which is up 14% over the past month and that’s a potential problem in a slow growth environment, explains trader Brian Kelly.

”The last thing our economy needs is higher gas prices,” he says.

And they may be on the way.

Trader Steve Grasso thinks concerns about Europe have obscured concerning developments in Iran, which may have a great deal of sway in the energy sector.

An article in the Washington Post says the IAEA now believes that Iran is on "the threshold" of making a nuclear warhead small enough to be put on top of a ballistic missile.

”Iran could exacerbate all the moves in the energy complex,” says trader Steve Grasso. “I'd rotate into E&P and away from refiners.”



______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.


Trader disclosure: On Nov 7, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; 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; Kelly is long VLO; Najarian is long CDE; Najarian is long CIGX; Najarian is long CME; Najarian is long CBOE; Najarian has long call spreads PHM; Najarian has long call spreads MS; Najarian has long call spreads PBI; Najarian has long call spreads AMGN; Weiss owns EUO; Weiss owns KO; Weiss owns WLP; Weiss owns KEG; Weiss owns RIG; Weiss is short TCK

For Steve Grasso
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
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 (HSP)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own MET
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 Brian Kelly
Shelter Harbor Capital is long GLD
Shelter Harbor Capital is long OIL
Shelter Harbor Capital is long JEF puts
Shelter Harbor Capital is long MOO
Shelter Harbor Capital is long JJF
Shelter Harbor Capital is long Soybeans
Shelter Harbor Capital is long NLY
Shelter Harbor Capital is short Euro-Stoxx futures
Shelter Harbor Capital is short CAD
Shelter Harbor Capital is short Swiss Franc

For Louise Cooper
No disclosures

For Josh Levin
Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Toll Brothers.
Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Toll Brothers in the past 12 months.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Toll Brothers.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment banking, securities-related: Toll Brothers.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment banking, non-securities-related: Toll Brothers.
Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability which includes investment banking revenues.

For Scot Ciccarelli
A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for The Home Depot, Inc. in the past 12 months.
A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from The Home Depot, Inc. in the past 12 months.
RBC Capital Markets is currently providing The Home Depot, Inc. with non-securities services.
RBC Capital Markets has provided The Home Depot, Inc. with investment banking services in the past 12 months.





CNBC.com with wires.