Best Commodity to Watch: Jack Caffrey

Amid a decline in commodities, one appeared more interesting going forward, Jack Caffrey of JP Morgan Privte Bank Equity said Monday.

"A commodity that's more interesting to me is energy, or the energy complex, because that, in my mind, has almost become the global interest rate," he said. "Looking at gasoline, looking at diesel, that's really been the rise there that's been the governor on the consumer."

On CNBC's "Fast Money," Caffrey said that energy commodities would augur well for a corresponding trade.

"There is some good news within some of the commodities selloff," he said.

Caffrey said that he was watching two investment areas.

"I'm looking for a combination of stability, so dividends, but really dividend growth being more interesting to me than absolutely high yields," he said. "And I'm also looking at an improving housing market.

"That's really been a driver, and I think that's important because we wind up actually seeing a very domestic-oriented story, a jobs issue we can't really outsource easily and where you're actually seeing some nice recycling."

Caffrey added that the housing market would also help financial names.

Noting that "economic surprises have been consistently negative" since the middle of the first quarter, he viewed economic indicators for the year to resemble a smile, starting high, dipping through a trough and reaccelerating.

"I would actually look at commodities effectively being almost a lagging indicator," he said. "To some extent, the commodities are catching up to slowing economic growth."

Trader disclosure: On April 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long VXX; Jon Najarian is long VIAB; Jon Najarian is long GVZ; Jon Najarian is long JCP CALLS; Jon Najarian is long TXN PUTS; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AXP; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long PANW; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long BBG; Joe Terranova is long TUMI; Joe Terranova is long BK; Joe Terranova is long SWN; Joe Terranova is short mini S&P Futures; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Mike Murphy is long AAPL.