Following are Fast Money's Pops & Drops from Thursday's 5pm broadcast.
Find out what’s going up, what’s going down and whether the CNBC traders would double down, fade or run in the other direction!
UNG
The catalyst:The ETF that tracks nat gas traded higher with investors likely betting that hot weather gripping much of the nation will boost demand for air conditioning.
The trade: It looks like nat gas is going above $3, says Fast trader Joe Terranova, chief market strategist for Virtus. I’d stay with it.
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Tyson Foods
The catalyst: Pros including Dennis Gartman are starting to predict higher meat prices are much more likely in the wake of the dwindling corn crop. (Cattle are fed corn.)
The trade: I would not be a buyer of the dip, says Fast trader Steve Grasso, director of institutional sales trading at Stuart Frankel.
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VIX
The catalyst: With the ECB and China cutting rates, investors may be interpreting the moves as a sign the economic landscape is worsening.
The trade: I expect options investors to drive the price of puts even higher, says Fast trader Mike Khouw, managing director and head of equity derivatives CRT Capital. (In turn, that should drive volatility higher.)
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Patriot Coal
The catalyst: Energy market data firm Argus Media said mining costs for Australian companies have been surging. That could be good news for U.S.-based companies because Australian companies might have to cut back on production.
The trade: I’m seeing a lot of call buying, says Fast trader Pete Najarian, co-founder OptionMonster.com. That suggets options investors are looking for more upside.
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Gold Miners
The catalyst: A stronger dollar and lower risk of inflation has been reducing gold's appeal and as a result, investor interest in the ETF that tracks the gold miners.
The trade: I think you can still play miners, especially if you believe the economy is getting worse, says Fast trader Tim Seymour, founder of EmergingMoney.com.