Note: Tim Seymour of Red Star Asset Management, or "The Ambassador," substitutes for Eric Bolling on this show.
Sweet, Sweet Crude:
The headline: Oil Plunges More Than 3% Today To $64.76 Spurring Market Rally
The word: Eric Bolling, calling in, says the drop in oil can be largely attributed to the fact that the cyclone in the Middle East didn’t disrupt the flow of oil in the Strait of Hormuz, as many people thought it would. Tim Seymour says the positive reverberations from the G8, with Europe and Russia seemingly closer to an energy deal, also played a role. Looking at this week’s sell-off, Eric recommends staying with names that didn’t go down when the rest of the market did. In this case, Google (GOOG), Apple (AAPL) and RIM (RIMM) seem to be unstoppable. “Stay with what’s working,” Guy Adami says. At this point, investors should just expect this kind of oil-related market volatility, Pete Najarian says. “This is the marketplace we’re in.”