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Burned by Hess

It looked like a hot stock. So, how is Joe Terranova playing Hess now that he’s been burned?

The Liquidator made the fateful call on April 6th. At the time he said, “I love oil. How about Hess, no one is talking about Hess. I think you want to own some.”

Unfortunately establishing a long position in energy giant Hess hardly powered the portfolio higher.

Although this company had nothing to do with the oil spill in the gulf, shares of Hess were punished along with many of its rivals.

So what does Terranova think about this stock, now?

Hess is highly levered to the spot price of crude, explains Joe Terranova. But I'd remain long with a $53 stop.

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Trader disclosure: On May 11, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Tomasulo Owns (VXX); Tomasulo Is Long VIX Options; Tomasulo Owns (GLD); Tomasulo Is Long Spot Gold Futures; Tomasulo Owns (VZ); Tomasulo Owns (CAT) Puts; Najarian Owns (KGC) Call Spread; Najarian Owns (XOM) Call Spread; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (C) Calls; Najarian Owns (BP), Is Short (BP) Calls; Najarian Owns (TEVA); Najarian Owned (BP), Was Short (BP) Calls Today; Grasso Owns (BP), (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO), (X); Terranova Owns Gold; Terranova Owns (GLD), (RIG), (SWN), (PFE); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Kelly Owns (FXE) Puts; Kelly Owns (FXB) Puts

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Kanundrum Capital Is Short Euro
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Kanundrum Capital Is Short (DE)
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Schiff Owns Gold

Schiff Owns Gold For Clients

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