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Oil: Speculation vs. Supply and Demand - Fast Money Recap (5/29/08)

 May 30, 2008 10:38 AM UTC
Return Risk
-29.94% LOW
Tracked Blogger
Symbol Sentiment Start Return Closed
DUG n/a
HES n/a
LUV n/a
JCG Positive 05/30/08 -68.54% --
TSO Positive 05/30/08 -41.03% --
C Positive 05/30/08 -67.60% --
CHK Positive 05/30/08 -66.15% --

Graphic_arrow1 Via Short Stock Ideas from Seeking Alpha:  


Recap of Fast Money, Thursday May 29.


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Oil drops: Hess (HES), Southwest Airlines (LUV), Ultrashort Oil and Gas ProShares (DUG)

Oil fell $4, the furthest in 2 months, even amid news supplies are being squeezed. Joe Terranova commented "the back of the board has fallen $13…I think this is a period for the market to test $120. And from there I’d like to see who shakes themselves out of the market if we break below $120." Terranova is short Hess and is long LUV and the Canadian dollar. Jeff Macke said oil didn't break down, but it did have a near-term top. Dan Fitzpatrick would not make too much of the drop, but would watch oil if it goes below $123. Najarian thinks the market will recover when oil drops below $120. Adami says bullish action in DUG last week predicted the top in oil this week.




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