On Thursday, the price of oil landed on the trader radar after the price drop hit a level of technical significance.
Brent crude futures dropped below their 100-day moving average on Thursday for the first time since January.
The contract is well below the year-high of $128.40 reached on March 1.
Meanwhile, U.S. oil was down, after dropping nearly 1 percent on Wednesday.
How should you trade it?
Trader Stephanie Link, director of research for TheStreet, suggests looking at some of the beaten down energy plays. “Energy has been one of the worst performing groups this year and there are bargains,” she says.
In other words, she thinks some stocks in the space have been oversold.
“I’d look at deepwater drillers such as Ensco – that’s a name you can pick up on the cheap,” she says.
Trader Brian Kelly has a different take. He thinks the decline in the price of oil will translate into lower prices at the pump - which in turn would be a boon for consumer stocks. “I would buy the XRT,” he says.
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Trader disclosure: On May 3, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami is long AGU; Stephanie Link is long JPM; Stephanie Link is long AAPL; Stephanie Link is long IBM; Stephanie Link is long FCX; Stephanie Link is long COST; Stephen Weiss is long MDRX; Stephen Weiss is long AIG; Stephen Weiss is short JCP
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