Bolling: Basket of Trades to Close Out Week

Editor's Note: Eric Bolling is new to TheStreet.com. A top Wall Street trader and an on-air television personality for the Fox Business Network, Bolling specializes in commodities, technology, resource trades and ETFs. He will provide regular picks in a column for TheStreet.com.

The week's almost over, but before you start kicking back, there's plenty of hot trades out there to close out a busy week.

On Monday, there was a lot to talk about the Berkshire Hathaway(BRK.A Quote) investor meeting that was finishing up in Omaha. Warren Buffett and Bill Gates (Berkshire Hathaway board member) were available and spent some time with a FOX Business colleague of mine.

The most interesting takeaway (for me) from the interview conducted by my good friend Liz Claman was Gates' reaction to Microsoft's(MSFT Quote) decision to walk from the Yahoo!(YHOO Quote) offer. I think we realized that Steve Ballmer is in complete control of the Microsoft steering wheel. Gates seemed more interested in telling us what a great investor, philanthropist, guy Warren is. (Uh.. Bill, we knew that.)

We were then given a chance to see Susan Decker (Yahoo president- and, very interestingly, also a board member of Berkshire Hathaway) tell us, matter-of-factly, that the deal just didn't happen. "There was a bid, and there was an ask." Hmmm.... Yahoo! closed at $28.67 the prior Friday and opened in New York at $23.03, down 19.5% (Think she wished CEO Jerry Yang moved his ask price?).

Tuesday I spent the morning trying to make logic out of a $122 crude oil price. It defies logic, but years of reading Dennis Gartman's newsletter columns taught me that markets can stay illogical longer than stubborn traders can remain solvent... or something like that. Dennis is so eloquent he would say it in precisely the correct way. I am still watching crude defy gravity as I write and it just traded at $124.61, another new high.