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
TheStreet Open House

'Fast Money' Recap: Oil Debate

Stocks in this article: XOMAAPLSMHGOOGORCLFFIVNM

NEW YORK ( TheStreet) -- The markets closed mixed Wednesday as they tried to decipher a dramatic fall in the price of oil.

The Dow Jones Industrial Average dropped 59.67, or 0.49%, to 12,050.00. The S&P 500 slipped 3.38, or 0.26%, to 1283.76. The Nasdaq added 17.56, or 0.66%, to 2686.75.

Pete Najarian said on CNBC's "Fast Money" TV show that the market recovered from an early selloff when tech and commodities started to show some strength.

Tim Seymour said today's breakdown in oil prices was more indicative of people in crowded trades dumping. He said the world needs lower oil prices.

Joe Terranova called the move by the IEA to release 60 million barrels of oil an unconventional tool in the post-QE2 age. He said global policymakers have nothing left to stimulate growth.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Seymour said the release of oil will be bullish for growth and it came at a time when bad data was coming out of Europe and China. He said the market thinks the problem is not Greece's debt crisis but a slowdown in global growth.

Najarian said it was opportune time to get into some of the integrated names, which he said are "far too cheap." Seymour said it was good time to buy Exxon Mobil (XOM) on weakness.

Melissa Lee, the moderator of the show, said shifted to tech, which was surprisingly strong today. Najarian said Apple (AAPL) and the Semiconductors HOLDRs ETF (SMH) helped turned things around after the early selloff. He also said the storage space has been red hot and is starting to showing momentum in the second half.

Karen Finerman marveled at the low valuation of Google (GOOG), which she called "ridiculous" at $479.

Terranova said that a drop in the oil price will benefit Apple, freeing up consumer discretionary income for its products. Finerman disagreed with the correlation.

Shifting to Oracle (ORCL), which reported its earnings today, CNBC reporter Jon Fortt said the stock was down because of a miss in its hardware sales.

1 of 3

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!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

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