'Fast Money' Recap: Energy Plays - TheStreet

'Fast Money' Recap: Energy Plays

The trading panel navigated through the tricky energy sector and offered their picks.
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) -- The markets traded just above the flat line Friday as stocks registered a gain for a second week.


Dow Jones Industrial Average

rose 16.47, or 0.16%, to 10,450.64, while the

S&P 500

gained 1.47, or 0.13%, to 1,117.51. The


edged up 2.64, or 0. 11%, to 2,309.80.

Joe Terranova said on


's "Fast Money" TV show that money managers were cognizant of the rise in energy prices and are moving to get into quality integrated names like

Occidental Petroleum

(OXY) - Get Report




. He also said refiners are "coming around, too."

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 onTV

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Steve Grasso agreed, saying he's seeing a rotation away from the risk trade into integrated names like


(BP) - Get Report


Exxon Mobil

(XOM) - Get Report

. "They are going to the larger-cap stocks and waiting this out," he said.

Tim Seymour said momentum is building for the refining stocks, as supply is coming out of the market.

Karen Finerman, in assessing whether or not to be in


(RIG) - Get Report

, said there are enough uncertainties surrounding the company that she would not be confident in the stock unless she owned puts in it.

Grasso said Finerman's cautious approach made sense as it appears many other oil executives will be testifying before Congress, following Thursday's grilling of


(BP) - Get Report

CEO Tony Hayward.

> > Bull or Bear? Vote in Our Poll

Shifting to BP's moves to raise capital,


reporter Kate Kelly said that BP's $5 billion bond offering will offer a yield of 8% to 10% and be pitched to such established names as





Black Rock

, once the company's road show begins. She also heard from sources that BP is requesting underwriters to come up with a $5 billion lending facility.

Finerman said the move will be good for BP but does not address, in any way, the liability question.

Patty Edwards said the bond is being priced as like a junk bond, suggesting a downgrade is down the road. She said she was moving to "anything but BP."

Whitney Tilson, managing partner of T-2 Partners, though, said in an email to the panel that he was adding to his long-term position.

Is the market heading higher? Joseph Lavorgna, chief economic for

Deutsche Bank

(DB) - Get Report

, sees the S&P heading to 1,375. He said the equities market is very cheap and predicted surprising growth in the second half.

Has the euro bottom? Peter Boockvar, Miller Tabak equities strategist, said the idea of euro parity with the dollar is "not a good thing" because it would implied difficulties for governments in tapping for capital and the European banking system is hanging on a precipice.

He said investors are moving into gold in self-defense against over-leveraged areas like Europe and the U.S., money printing and bailouts.

In the final trades, Seymour said he liked the U.S. World Cup soccer team. Grasso said he liked


(AAPL) - Get Report

. Finerman liked

Best Buy

(BBY) - Get Report

and Terranova went with


(KO) - Get Report


-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC


"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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