Strong oil stocks included such names as ConocoPhillips, Chevron, and BP.
“It’s not just a hideout,” he said. “I think you’ll get the performance. You’re seeing it today out of Exxon Mobil.”
Options trader J.J. Kinahan agreed.
“They’re solid companies, they pay solid dividends and that’s what people are going to be hungry for,” he said.
Trader Steve Grasso noted a couple of factors that could put pressure on oil stocks.
Libya was another possible caveat. The country’s production is back up to producing of half the 1.6 million barrels per day it saw before Muammar Gaddafi was deposed.
“That could put a crunch on the integrated names,” Grasso said.
Trader disclosure: On Dec. 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: Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU;
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