Not exactly the case.
Dicker said the pullback indicates a couple of things:
One, the state-owned Saudi Arabian oil producer thinks Europe is “probably on the verge of a recession.”
Two, “nonconventional oil sources have really been paying off over the course of the past year and a half” in the United States through a combination of shale and oil drilling.
“We are actually putting more supply on for the first time in 30 years,” he said.
Light crude traded in the $98 range midday. Oil could hit $75 per barrel, “Fast Money” pros said Monday.
Dicker said he was bullish on Transocean, despite poor fourth-quarter results related to one-time charges associated with retrofitting aging equipment.
“You’ve got to remember Transocean owns practically all of the rigs that can get at stuff over 10,000 feet, and there’s nobody else in the world that can get there,” he said. “These guys control the industry there.”
(Related Story: Energy Plays to Watch: Jim Cramer)
Other companies Dicker thought worth a look included: Occidental Resources, EOG Resources , Continental Resources and ATPG.
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Trader disclosure: On Nov. 22, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long AXP; Terranova is long IBM; Terranova is long EMC; Terranova is long SU; Terranova is long HES; Terranova is long AAPL; Terranova is long CSCO; Terranova is long STLD; Terranova is long CNQ; Terranova is long CAT; Terranova is long LULU; Terranova is long SBUX; Cortes is long Treasuries; Cortes is short Gold; Cortes is short Crude; Cortes is short Nasdaq; Cortes is short XRT; Cortes is short DB; Cortes is short BAC
Trutina Financial is long AAPL
Trutina Financial is long ORCL
Trutina Financial is long GLD
Trutina Financial is long QCOM
Trutina Financial is long MSFT
Trutina Financial is long INTC
Trutina Financial is long TGT
Trutina Financial is long GOOG
Trutina Financial is long POT
Trutina Financial is long SYT
Trutina Financial is long JOYG
Karabell is long AAPL; Karabell is long MS; Karabell is long ORCL; Karabell is long IBM; Karabell is long GOOG; Karabell is long JOYG; Karabell is long MTW
Rivertwice is short XLF
Rivertwice is long ORCL
Rivertwice has long calls HPQ
Rivertwice is long IBM
Rivertwice is long TGT
Rivertwice is long DE
Rivertwice is long POT
Dicker owns RIG; Dicker owns ATPG; Dicker owns OXY; Dicker owns EOG
Gartman is long Euro; Gartman is short S&P futures
I, Michael Pachter, certify that the views expressed in this report accurately reflect my personal opinion and that I have not and will not, directly or indirectly, receive compensation or other payments in connection with my specific (NFLX) recommendations or views contained in this report.
Wedbush makes a market in the securities of NFLX.
Raymond James & Associates makes a NASDAQ market in shares of Intel Corporation.
CNBC.com with wires.