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

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Oil: Speculation vs. Supply and Demand - Fast Money Recap (5/29/08)
May 30, 2008 10:38 AM UTC

SA Editor Miriam

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Symbol	Sentiment	Start	Return	Closed
DUG	n/a
HES	n/a
LUV	n/a
JCG		05/30/08	+14.74%	--
TSO		05/30/08	-47.90%	--
C		05/30/08	-81.65%	--
CHK		05/30/08	-57.38%	--

Via Short Stock Ideas from Seeking Alpha:

Recap of Fast Money, Thursday May 29.

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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