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When Oil Finds Support, So Will Stocks: Pro

If you’re ignoring the energy trade right now, you may be making a huge mistake.

So says top trader Dan Dicker of MercBloc. He thinks moves in oil could be very informing - not only for playing related stocks but the entire market!

“For the past two years, the bottom in energy has coincided with the bottom of the stock market,” he says.

And Dicker sees no reason for that correlation to change.

“It looks to me like oil is trying to form a bottom somewhere in the mid-80’s,” he says.

"We might get another downdraft but I think we're nearing the bottom for the summer."

If he's right, then stocks may be about to bounce.

Looking at the market broadly, CNBC Contributor Ron Insana seems to agree.

Fundamentally Insana isn't that worried about the market – at least not yet. Although he admits Europe is a wild card -- short of a catastrophe overseas, Insana is relatively bullish on the US stock market.

“All our economic data looks better than the rest of the world,” he reminds. “I’d think about nibbling a little.”

Trader Steve Grasso can’t get behind oil – or the market. “With the prospects of slower global growth and a possible recession in Europe – I’m negative overall,” he says.

What do you think? We want to know!

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Posted by CNBC's Lee Brodie

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Trader disclosure: On May 23, 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 AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long IBM; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA

For Dan Dicker
Dan Dicker is long RDC

For Kimball Brooker
First Eagle Funds is long GOLD BULLION
First Eagle Funds is long CSCO
First Eagle Funds is long MSFT
First Eagle Funds is long CMST
First Eagle Funds is long BK

For JC O’Hara
Nothing to disclose

For Rob Cihra
Evercore or an affiliate beneficially owns 1% or more of common equity securities of this subject company: DELL
Evercore or an affiliate beneficially owns 1% or more of common equity securities of this subject company: HPQ



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