Crude oil price today settled down $1.75, which is another $5.8% to the down side, at $27.94 a barrel. The weak oil price continues to put downward pressure on the equities market. Dow was down as much as 146 points at the open before recovering a bit, but still ended in the red. Guy Adami and Steve Grasso both agree that investors should not add to their position until S&P crosses and holds the 1863 level.
CNBC FAST MONEY FINAL TRADES 02/09/2016
Tim Seymour – Sell Barrick (ABX), might see $10 level
Steve Grasso – Buy Utilities Select Sector SPDR ETF (XLU), will rally up to around $43
Brian Kelly – Sell First Republic Bank (FRC), banking sector all getting hammered
Guy Adami – Buy Disney (DIS), solid earnings report, getting hammered in after hours trading, but will see reversal tomorrow