john kilduff is a long time energy trader. he's founder of again capital. with us tonight from the nasdaq. john, it's always nice to see you again. what's the difference between speculation and manipulation in the oil markets? >> i think speculation really is by definition taking a view on where you think crude oil prices or gasoline prices or corn prices are going to go. and you put your money down and make that wager, basically. whereas manipulation occurs when you say -- hold back purposely electricity into california like was done in enron. when you have traders that lie about prices in certain markets to manipulate what posted prices are, or try to corner a market the way the hunts did way back in the day in the gold market. >> tom: and silver market in the '70s. oil has been over $100 a barrel since february which is traditionally not a sigh season for demand. is the market being manipulated here, kilduff? >> no, no. unfortunately, it's not. i know this is hard for folks. i have always said this is a make or break for the economy. it's the pump price a

john kilduff, a cnbc contributor, says look for 185 as the new downward point.e've got a lot of supply here. a lot of storage. let's look at the open interest. a lot of activity here and according to the data, there are big positions on both sides of this trade but the open interest is at elevated interests, something to point out. bill, back to you. >> once i think they are going to be comfortable above $2, it falls back again. thank you, courtney. >> thanks. >>> we're going to look ahead to morgan stanley. the earnings, the question is, which way should we go. it's been lagging the financial sector in talking numbers on the technical side. rich ross is the global technical strategist. on the fundamental side is sandra o'neil. we know that numbers have been a strong sector but they have been strong without morgan stanley. >> that's very true, bill. heading into the earnings report, the stock has pulled back to a critical inflection point. let's take a look at the chart. i'll break it down for you. after a 15% correction from that late march high, an important c