Nothing’s Gonna Stop Us Now:
The headline: Dow Rises 70 Points, Shaking Off Disappointing Earnings, Surging Oil Prices
The word: “It’s a very strong market right now,” Eric Bolling says. Some important sectors are making all-time highs, but Pete Najarian warns not to get complacent. “Be concerned about the fact that this is still volatile,” he says.
Oil Surges 2%:
The headline:Crude Oil Jumps 2.1% to $67.65, Highest Settle Price Since Sept. 5, 2006
The word: One of the things that brought the market to where it is has been energy stocks, Eric says, which hit all-time highs today across the board. Oil was up because refineries are running at 89% when it should be 93-94%, he says. And while high oil prices used to bring up the market because of inflation, now high prices buoy energy stocks and the market follows. Eric likes Chevron (CVX), Tesoro (TSO) and Frontier (FTO); all great West Coast energy plays, he says. Pete Najarian’s pick is Marathon (MRO) and Tim Seymour of Red Star Asset Management, filling in for Jeff Macke tonight, likes BP (BP) and Royal Dutch Shell (RDS), which “have lagged the market for the last few years,” he says.
This Is War:
The headline:CME Sweetens CBOT Bid For 2nd Time in 5 Weeks Following ICE’s “Enhanced” Offer Yesterday
The word: The exchanges continue to print money, Pete says. And he doesn’t even think it’s the tip of the iceberg. As more and more people trade from home, the exchanges are only going to flourish, he says. He thinks Intercontinental Exchange (ICE) could have a target on its back down the line. Eric Bolling says there are still rumors about a takeover in NYMEX (NMX), his employer, and the stock is up 12% over the past three days. "There's something here," he says.
The headline: Russian Stock Market Jumps 3.2% on Gazprom, Rosneft, Lukoil
The word: “It’s about time,” Tim says. Russia has been lagging the emerging markets all year, selling off because of political risk, but he thinks this is a great time to buy Russian securities. He likes the oil sector as companies like Gazprom begin to sell gasoline to western European nations at three times the rate that they sell domestically.