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Again, the Fast traders were closely watching the tight correlation between the S&P and the price of oil on Tuesday; this time stocks jumped as oil prices receded.
Largely two catalysts dragged down oil: Published reports suggested OPEC may schedule an emerging meeting and boost production for the first time in more than two years.Also White House economist Austan Goolsbee said on Tuesday that tapping the U.S. emergency oil stockpile "is an option we are considering." "The SPR exists to deal with large international supply disruptions. That is why we created it," he said.
The Street took developments as a signal that both the White House and OPEC intended to become much more aggressive in capping prices.
Is the smart trade to take profits in oil?
Instant Insights with the Fast Money tradersJoe Terranova remains bullish oil. “I’m not ready to say abandon the overweight trade. I don’t know if price appreciation is over,” he says on CNBC's Halftime Report. Terranova thinks the latest inventory numbers could generate buying later in the week. “Stay long. I still think that’s the right trade,” he says.
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