In the Fast Money Happy Hour we go to PJ Clarke’s in New York City to get Monday’s trading buzz.
Greg Troccoli is the director of technical research for Opalesque, a premium newletter read by many hedge funds. He joins the panel for this conversation.
How do you interpret the spike in oil?
The current momentum in crude oil is remarkable says Troccoi. Remember crude was around $49 in January; there’s been a 74% jump in the commodity since then.
He adds, what we’re really doing is establishing a new floor. It’s probably now between $50 - $60. That could have tough implications for many other markets.
Pete Najarian agrees. He thinks integrated oil companies as well as refiners should start showing strength, again – however it’s probably later rather than sooner, he says.
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Trader disclosure: On Oct 15, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (HAS), (INTC); Najarian Owns (BBW), (C), (CY), (GOOG), (SIRF); Finerman Owns (GS), (C); Finerman's Firm Owns (COP), (GE), (KFT), (NMX), (NYX), (NVT), (MO), (PLCE); Finerman's Firm Owns Russell 2000 Index Puts; Finerman's Firm Owns S&P 500 Index Puts; Finerman's Firm And Finerman Own (FLS); GE Is The Parent Company Of CNBC