Money Mail: The Guys Answer Your Questions

Time to pull out a few more letters from the Fast Money mail bag. That's right, the guys answer your questions. On Monday Michael writes “I fear that as the emerging markets funds went up this year, they will go down just as fast…”

#1: Michael from New Jersey

Michael writes “I fear that as fast as the emerging markets funds went up this year they will go down just as fast and far more than a 15% pull back in the S&P. What should I do? Should I sell my emerging market fund and put it all in a money market fund until the storm passes? Do you think the markets will finally have a 10% correction?"

Eric Bolling says Michael should sell the iShares MSCI Emerging Markets Indx (EEM) if he fears the market. But Eric adds, he’s buying this dip.

#2 Marc from New Jersey

Marc writes, "Eric: Is Exxon Mobil (XOM) getting killed more so due to the 500 pts the DOW has lost? If the market was flat, what do you think XOM would be trading for?"

Eric Bolling says Marc should get out of refiners and integrated oil. He says the play is in oil services and recommends Oil Service HOLDRs (OIH).

Pete Najarian likes XOM stock but recommends buying puts as an insurance policy.

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Trader disclosure: On July 30th 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 (JWN), (INTC); Najarian Owns (UA), Bolling Owns (XOM), Gold; Bolling Is Short (FXI); CNBC Is A Service Of NBC Universal And Dow Jones