$150 By The Fourth?

The way crude trades these days it almost feels like there should be a carnival barker urging you to quickly place your bets! On Friday crude reached a record high for the second straight

day, jumping up to $142.99 a barrel. However earlier this same week prices fell as much as $5 on a government inventories report. Up… down… left… right? Oil bulls are quick remind that

Morgan Stanley analyst Ole Slorer predicted that oil would hit $150 by July 4th. (He made the call the first week of June.) And Goldman Sachs has said oil could go as high as $200 before it

settles. IF OIL GOES HIGHER NEXT WEEK HOW SHOULD YOU TRADE? I’ve been playing the expiration trade, explains Joe Terranova. If oil prices climb toward $150 the week of July 4th I’d go into

the _refiners._ WHY? Because if that scenario unfolds, in the second week of July I would expect a pullback in oil and that pull back would benefit refiners' margins.

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you'd prefer to make a comment but not have it published on our website send your e-mail to . _Trader disclosure: On June 27, 2008, the following stocks and commodities mentioned or

intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders_; _Adami Owns (AGU), (C), (BTU), (NUE), (GS), (INTC), (MSFT); Pete Najarian Owns (ANR), (TSO), (XLF); Pete

Najarian Owns (AAPL) Calls, (EK) Calls, (QID) Calls, (RIMM) Calls, (YHOO) Calls, _(WLT) Calls; _Pete Najarian Owns (HRB) Puts, (MER) Puts,_ (HBC) Puts_; Finerman Owns (GS); Finerman's

Firm Owns (MSFT), (NYX), (SUN), (TSO), (MRK), (PPH); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's

Firm Is Short SPX Index Puts; _Finerman's Firm Owns (VLO) And (VLO) Call Spreads; _Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (FCX), (INTC), (IYT), (XLF), (SU), (YHOO);

Terranova Owns Dollar Index Futures_ _Terranova is chief alternatives strategist at Phoenix Investment Partners;__; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI),

(ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl

Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)_