What's the Trade Next Week as Oil Continues to Surge on Intensifying Iran Standoff?
Next week commodity traders will be on pins and needles, waiting to see if crude touches $68 a barrel, again. Since Iran seized 15 British solders in disputed waters the price of oil has soared some 10%. Considering, tensions have only increased since then, will the oil market be more volatile than most traders can handle?
CNBC’s Trish Regan covered the story all day and joins the guys for this conversation.
Trish says a lot of the turmoil stems from Iran’s President who is trying to improve his standing domestically. (He was elected on a populist platform and hasn’t quite delivered.)
Dylan Ratigan asks if he’s crazy or crazy like a fox.
Trish says he’s crazy like a fox, but adds that on the world stage he comes across as an irrational player. Domestically, however, he’s invoking strong nationalism.
Dylan asks the guys what’s the trade?
Eric Bolling says the trades that have worked for the past 30 days; are the refiners and the United States Oil Fund (USO). However, Eric does not recommend owning the USO –instead he just recommended investors buy refiners
Tim Strazzini thinks it’s time to sell the Oil Service HOLDRs ETF (OIH) because investors have benefited from a huge out-performance.
On MAR 30, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Bolling Owns Gold, Silver, Natural Gas, Is Short Crude Oil Strazzini Owns (MO), (SNDK), (STM) Macke owns (SWY)