With the price of crude moving slowly but steadily higher how should you play big oil?
Brian Stutland of Stutland Equities says BP is a stock that investors should have on the radar.
"It's come off the lows from the Gulf of Mexico spill, but valuations remain very attractive."
However, rather than establish a position out right, Stutland thinks investors should limit their risk with the following options trade.
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Trader disclosure: On Oct 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long BAC; Seymour is long MSFT; Seymour is long INTC; Seymour is long NOK; Seymour is long X; Adami Owns AGU; Adami Owns C; Adami Owns GS; Adami Owns INTC; Adami Owns MSFT; Adami Owns NUE; Adami Owns BTU; Finerman owns AAPL; Finerman owns BAC; Finerman owns JPM; Finerman owns MSFT; Finerman owns GLW; Finerman owns SPY; Finerman’s firm owns AAPL short calls; Finerman’s firm owns JPM stock leaps; Finerman’s firm owns MSFT; Finerman’s firm owns IBM short calls; Finerman’s firm owns GLW; Terranova owns IBM; Terranova owns AAPL; Terranova owns AXP; Terranova owns CAT; Terranova owns F; Terranova owns GS; Terranova owns OXY; Terranova owns FCX; Terranova owns LQD; Terranova owns MUB; Stutland is long EWZ and short march calls; Stutland is long Boeing corporate bonds; Stutland is short GLD puts and long call spreads
For Brian Kelly
Shelter Harbor Capital is long SPY
Shelter Harbor Capital is long EWA
Shelter Harbor Capital is long GLD
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is long TLT
For Brian Stutland
Stutland Equities is a marketmaker holding hedged positions in VIX futures and options and VXX stock options
Stutland Equities holds hedged positions in SPX futures and options and SPY stock and options
For Jonathan Chaplin
I, Jonathan Chaplin, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific Sprint (S) recommendations or views expressed in this report.
For Stephen Pagliuca
For Dave Barger
For Chris Tevere
For Dick Bove
CNBC.com with wires.