The traders of CNBC's "Fast Money" believe that oil could be ready to trade much higher now that it has crossed over the key technical and psychological level of $70 a barrel. Joe Terranova thinks the oil trade will remain long or flat, but not short. He thinks the momentum in oil is not based off of fundamentals or logic, but that's why he would stay long the crude trade.

Pete Najarian said Tuesday's trading action demonstrated that the rise in the commodities complex is providing the market with leadership. He thinks money could come off of the sidelines and back into the equities market. Guy Adami disagreed. He said that commodities did provide leadership on Tuesday, but he doesn't believe that commodities will take the equities market higher from current levels. Adami pointed out that the market will need strength in the financials to go higher, and right now that sector is looking weak.

Jeff Macke isn't worried that higher oil prices will most likely lead to higher prices at the pump. He doesn't see it derailing the economic recovery, because he feels there is no economic recovery in the first place. The traders have also mentioned that the run-up in oil could simply be a

reflection of the weak dollar.

No matter what oil does from here, the traders are still finding plenty of trends and sectors poised for future gains.

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