Burned by ConocoPhillips

A long position in ConocoPhillips looked like a hot trade but so far, all it's done is burn Josh Brown.

The money pro made this fateful call on March 20^th. “We just put on a pretty sizable position in ConocoPhillips,” he said at the time.

“If you look at where that company’s assets are, they’re not involved with the Saudi Arabian stuff. They’re not in that whole play. So, heaven forbid there is some kind of super spike or geopolitical event, Conoco, actually, would be a beneficiary in our view. Higher prices are great. They’re not the whole story there…they’re a lot of other things happening. We like that name.”

One thing that was definitely not ‘happening’, however, was bullish price action. Since Brown made the call the stock drifted about 5% lower.

What’s the trade now?

“I’m sorry everyone,” says Brown, “I said pull the trigger too soon."

However, Brown remains bullish.

"On May 1^st they’re going to separate the company and split it in half. You’re going to get 1 share of Phillips 66, which is the gas stations for every two shares of Conoco that you own. We think it unlocks a tremendous amount of value. We think there’s a big catalyst here. We still want to be buying,” he adds.

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Trader disclosure: On Apr 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long MS; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX CALLS; Pete Najarian is long COP; Pete Najarian is long PEP; Jon Najarian is long KOG; Jon Najarian is long DDMG; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long CIGX; Jon Najarian is long LQMT; Jon Najarian is short UA PUTS; Josh Brown is long CRR; Josh Brown is long BRK-B; Josh Brown is long JPM; Josh Brown is long ARCO; Josh Brown is long AAPL; Josh Brown is long COP; Steven Weiss is short AAPL puts; Steven Weiss is long BAC; Steven Weiss is long JPM; Steven Weiss is long SNDK; Steven Weiss is long QCOM; Steven Weiss is long TBF; Steven Weiss is long TBT; Steven Weiss is long AIG; Steven Weiss is long HAIN; Steven Weiss is long CSC; Steven Weiss is long HGSI; Steven Weiss is long MDRX; Steven Weiss is long HK; Steven Weiss is short MT; Steven Weiss is short ERIC; Steven Weiss is short JCP; Steven Weiss is short X

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