'Fast Money' Recap -- OPEC Oil Scare, Apple's Room to Run

NEW YORK (TheStreet) -- OPEC threw a little cold water on the recent oil rally with a prediction Monday of prices possibly staying below $100 a barrel for the next decade -- comments that CNBC's Fast Money panel addressed. Also prompting lively discussion was whether Apple (AAPL) was through with a run-up in its share price.

Earlier in the day, OPEC said oil may lag under the $100 a barrel mark for the next 10 years and crude oil costs could plunge below $40 a barrel by 2025.

Dennis Gartman, editor of The Gartman Letter, said OPEC's comments need to be taken with a "grain of salt" and that some of OPEC's predictions have been wrong in the past.

Gartman, who is now long on oil, added, "Last week, I wanted to sell crude oil short since we had seen a strong rally. But what bothered me was the term structure. That is where informed money leaves its footprints in the sand. When we saw a break in crude oil...we should have seen the carrying charge widen and it didn't do that and that bothered me."

Then, over the weekend, Gartman said a report was published by a noted energy commodities specialist Philip Verleger of PKVerleger, who had been down on oil for some time, stating he was now favorable on oil, and that in his estimates, the International Energy Agency (IEA) had overestimated the production of crude oil in the U.S. 

Steve Grasso, director of institutional sales at Stuart Frankel, said crude oil may be hitting a wall. "Maybe it's leveling out. It seems it should have rallied the entire space, but it did not."

As for Apple, the iconic computer maker ranked No. 1 in China in smartphone sales recently. 

"They put up impressive numbers," said Pete  Najarian, co-founder of optionmonster.com. "I think they have just scratched the surface. If you look at the China Mobile numbers and the China Unicom numbers, there is so much more left for Apple to grab market share."

Also weighing in with a buy-Apple mentality was Grasso, who noted investors tend to waiver after buying the stock feeling they were buying it at the top. "If you buy Apple, you should shut up and hold your nose. You're likely to hit $140 sooner or later," he says.

Dan Nathan, co-founder and editor of riskreversal.com, is also a buyer of Apple, noting that Apple's ability to still continue to execute with its market cap over a hefty $700 billion is impressive and investors should stay in the stock. Tim Seymour, managing partner at Triogem Asset Management, is also a buyer of Apple. The Fast Money panel, in an usual move, were all in agreement about Apple.

Panelists like Najarian also pointed to TJX Companies (TJX) as a buy and Seymour did the same for The Gap (GPS). Nathan advised investors of Stratasys (SSYS) to define their risk and look for a bounce in the price, while Grasso suggested Mobileye (MBLY) investors lock in their profits. 

Cisco Systems (CSCO), which reports its fiscal third quarter earnings after the markets close Wednesday, is a stock that Seymour said he's not sure he would own ahead of the company reporting its earnings because of the kind of volatility it will likely encounter. But he added that Cisco is reasonably priced for a big market cap tech stock and there aren't too many tech companies of this size that fall into that price category.

In sizing up Cisco, Nathan said, "If the stock comes back into the mid-$20s, I would definitely own it." He added with the new CEO, Chuck Robbins, coming in to replace longtime CEO John Chambers, this new executive will need to set his own course, which could involve mergers and acquisitions and share buybacks. 

And for the final trades of the day, Seymour says Facebook (FB) is a buy; Najarian says Charles Schwab (SCHW) could go higher; Grasso says Generac Holdings (GNRC) is a buy with a $38.50 stop; and Nathan is a buyer of Google (GOOG). 

Follow TheStreet.com on Twitter and become a fan on Facebook.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

More from Jim Cramer

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer on Foot Locker's Earnings: Nike Is a Buy

Jim Cramer on Foot Locker's Earnings: Nike Is a Buy

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Video: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker