“I don’t think this is a straight long trade,” says Terranova. Instead he suggests a pairs trade. "I would get long natural gas producers such as Apache (APA) and EOG Resources (EOG) and short coal,” he suggests.

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I’m a believer that nat gas prices have found a bottom and as a result I suggest EOG Resources [EOG], says Terranova.

And if you want to play stocks in the space Terranova likes EOG [EOG]Apache [APA] and Chesapeake [CHK].

Terranova said he likes National-Oilwell Varco(NOV), ConocoPhillips(COP) and EOG Resources(EOG) here.

although not based in North Dakota, has successfully drilled in the Bakken Formation in North Dakota where they own approximately 320,000 net acres.

Anthony Carpet, the broker's co-head of Americas Investment Research, says it benefited from an overweighting in energy and basic materials, as well as technology and exchange stocks. Winners included Cabot Oil & Gas (COG), EOG Resources (EOG), US Steel (X), Brazilian mining giant Vale (RIO), Nasdaq, CME Group (CME), Research In Motion (RIMM) and Google (GOOG). Nasdaq, CME and RIM are now off the list.

12.5%

12.5%

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