'Fast Money' Recap: Up on the Farm

The U.S. stock market finished higher Thursday, spurred by the tech sector and abetted by softening oil prices. The Dow was up 0.7%, the S&P 500 added 1.1%, and the Nasdaq jumped up 1.5%.

On CNBC's "Fast Money" TV show, the traders discussed a brief rollover in crude oil. Tim Seymour said Congress is acting to reduce the buying power of oil speculators. He said this news is limited in its impact. He said options expired, and many traders may be closing their positions in oil. He said the more important factor in the oil story is demand. He said that Congress' action today is part of the farm bill, which will have a much larger impact on food prices.

Pete Najarian pointed out that crude finished the day flat. He also pointed out bullish action in the oil services sector. He reminded viewers that oil is not just a commodity but is also a currency.

Jeff Macke said that from a technical standpoint, oil traded very well today. He said it had every reason to sell off but held its ground.

Guy Adami said that Wall Street observers would do well to quit talking about Congress' action to close speculative loopholes in oil. He said that the market had set up two great trades in Hewlett-Packard HPQ and Deere DE, both of which rose today.

Still Time for Planting

Najarian said that people think the agriculture trade is over, but action in Potash POT, Mosaic MOS, Monsanto MON and Agrium AGU indicates otherwise. He said that these companies have pricing power.

He said a trade in dry bulk shipping may also work, but DryShips DRYS may be a little ahead of itself.