Independent Oil trader Daniel Dicker, author of “Oil’s Endless Bid” is also bullish long-term. “I don’t think WTI drops below $101 or Brent below $115,” he says.
Dicker suggests setting target numbers and then pulling the trigger. Ahead of the broadcast he told Fast producers 3 names that belong on the radar are Chevron , ConocoPhilips and Hess . "Those are the names to look at," he says.
- ALCOA SELL-OFF
As we mentioned above, Alcoa's lighter-than-expected revenue started the earnings season on a dour note and called into question the strength of the commodities bull.
It’s worth noting that Alcoa revenue did rise 22 percent to $5.96 billion but lagged the Wall Street forecast of $6.08 billion.
What should you make of it?
Joe Terranova is cautious of Alcoa, specifically. Looking at technicals he says that Alcoa is breaking down below its 50-day. “The stock is clearly on the defensive,” he explains.
Brian Kelly is concerned about metals a little more broadly. He explains that China based steel makers cut prices on steel because China’s car market is slowing down. “You have to question how strong growth is going to be,” he says.
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TOPPING THE TAPE: RETAIL
Meanwhile the Fast traders were also watching the action in retail, with Walmart and other stores making gains Tuesday, largely on the back of falling oil.
What’s the trade?
Trader Stephen Weiss notes that the retail sector held up well, even as oil marched higher. “Now, if oil comes down I think we see retail head up more,” he says..
Jon Najarian is more focused on the credit cards. He says, “higher prices at the pump should benefit Mastercard and Visa ” if for no other reason than more people will pay with plastic rather than carry incrementally more cash in their wallets.
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CHIP WEAKNESS
The traders also have the semiconductor stocks on the radar. Host Melissa Lee notes for about a year it seems moves in the SMH have been corrrelated to moves in the S&P with the chip stocks leading the broad market.
What should you make of it?
Trader Brian Kelly reminds the desk that he’s short SMH, “because the fundamentals coming out of the companies aren’t that great. They're talking about inventories increasing.”
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Trader disclosure: On April 12, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (JPM); Terranova owns (C); Terranova owns (VRTS); Terranova owns (UPL); Terranova owns (TCK); Terranova owns (BAX); Terranova owns (XOM); Terranova owns (AKAM); Weiss owns (COP); Weiss owns (MSFT); Weiss owns (DVN); Weiss owns (HK); Weiss owns (BTU); Weiss owns (EMC); Weiss owns (JPM); Weiss owns (FAS); Weiss owns (HBAN); Weiss is short (IWM); Weiss is short (X); Weiss owns (RTH); Weiss owns (AKS)
For Dan Dicker
Dicker Owns (COP)
Dicker Owns (XOM)
Dicker Owns (APA)
Dicker Has A Long Position In Oil Through Spreads And Options
For Aaron Kessler
ThinkEquity, LLC Is A Market Maker In (AMZN)
For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL
PLC
For Brian Kelly
Accounts Managed by Kanundrum Capital are long (MON)
Accounts Managed by Kanundrum Capital are long (SLV)
Accounts Managed by Kanundrum Capital are long (GLD)
Accounts Managed by Kanundrum Capital are long (EBAY)
Accounts Managed by Kanundrum Capital are long (EWP)
Accounts Managed by Kanundrum Capital are long (TSN)
Accounts Managed by Kanundrum Capital are long (VLO)
Accounts Managed by Kanundrum Capital are long VIX calls
Accounts Managed by Kanundrum Capital are long SPY puts
Accounts Managed by Kanundrum Capital are long wheat futures
Accounts Managed by Kanundrum Capital are long soy futures
Accounts Managed by Kanundrum Capital are long gold futures
Accounts Managed by Kanundrum Capital are short (SMH)
Accounts Managed by Kanundrum Capital are short (XLF)
Accounts Managed by Kanundrum Capital are short US bond futures
CNBC.com with wires.