Speculation that Turkey will use force against Kurds in Northern Iraq is pushing oil to record after record this week.
Amid all the earnings news, it has almost been forgotten that crude oil is pushing $90 per barrel. But the implications of high oil are far-reaching. On the retail side, it’s a function of gas prices. Gas prices are actually a relatively small part of the retail pie, Jeff Macke said, but record oil will be one more headwind in the gathering storm facing the consumer going into the holiday season.
Aside from investing in the oil and oil services stocks, the traders picked alternative energy plays ranging from solar to nuclear as a way to hedge against higher oil prices.
Guy Adami went nuclear, recommending Shaw Group (SGR) for its business in developing nuclear power.
Pete Najarian would be a buyer of the solar complex: JA Solar (JASO), Suntech (STP) and SunPower (SPWR) all have earnings now, “and that’s why they are important,” he said.
Jeff Macke recommended NRG Energy (NRG), a diversified power company.
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Trader disclosure: On Oct 18, 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 (INTC); Najarian Owns ( C), (GOOG)(CY); Najarian Owns (SNDK) Options; Finerman Owns (C), (GS); Finerman's Firm And Finerman Own (ASD), (KALU); Finerman's Firm Owns (NYX), (MSFT), (LTD), (BIIB), (BEAS), (COP), (TGT), (VMSI), (WMT); Finerman's Firm Owns S&P 500 Index Puts; Finerman's Firm Owns Russell 2000 Index Puts