This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

'Fast Money' Recap: Will Oil Kill the Rally?

Stocks in this article: BTUTEVAPRXL

The markets started the third quarter on the upside Wednesday, aided by improving manufacturing data and an uptick in pending home sales.

The Dow Jones Industrial Average added 57.06, or 0.68% to 8,504.06, while the S&P 500 gained 4.01, or 0.44%, to 923.33. The Nasdaq was up 10.68, or 0.58%, to 1,845.72.

Tim Seymour said on CNBC's "Fast Money" TV show, said the economic data was "fantastic." He said China's latest PMI numbers show that economy is growing, the Institute of Supply Management numbers were the best in 10 months and the latest pending home sales data were impressive. "I thought we had a lot to rally on," he said.

Guy Adami said he understood what Seymour was saying about the data, but he couldn't hide his distrust of the market, especially after it gave away the gains from the early part of the trading session.

Joe Terranova said energy is the problem right now. He said the rally in the equities markets is over if oil can't sustain itself above $70 a barrel.

Pete Najarian said program buying took over during a light trading day, with the market showing no conviction. He disagreed with Terranova about the $70 threshold for oil, saying oil would have to drop to $40 a barrel to be a real problem for the economy.

Seymour said the market could suffer as it awaits the earnings reports from the financials and some evidence of leadership.

Despite upgrades in some technology stocks today, Adami said some stocks such as Intel (INTC) were ahead of themselves.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs