NEW YORK (TheStreet) -- One day after hitting 5000, the Nasdaq is down Tuesday. But don't be too concerned - it's not unusual for the market to hit a key psychological level and then fall, said Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, on CNBC's "Fast Money Halftime." 

Risk has gotten "very cheap," Weiss continued, noting the volatility index is now trading near the lowest levels of 2015. He still likes U.S. stocks but there's no reason not to buy protection with volatility at such low levels. Volatility is likely to increase throughout 2015, he said. 

The CBOE Volatility Index I:VIX briefly traded below $13 on Monday and is moving higher on Tuesday, added Pete Najarian, co-founder of optionmonster.com and trademonster.com. Bullish investors who want to stay long stocks should consider protecting their portfolio while they have the chance to do so. 

The stock market is prone to small dips, which can present buying opportunities for investors, according to Michael Block, chief strategist at Rhino Trading Partners. He's looking to buy weakness in health care, technology, biotech and consumer discretionary. 

Hedge fund manager Stan Druckenmiller stirred up a lot of buzz late Monday when he said he disagrees with Warren Buffett on IBM (IBM) - Get Report. Druckenmiller also said he sees more value in Japanese and European stocks than in U.S. stocks.

On the second point, Dan Greenhaus, chief global strategist at BTIG, agreed both markets seem to have more relative value than U.S. stocks. However, he questioned how much of those potential gains would come at the hands of central bank-induced liquidity. 

U.S. stocks are getting stretched on valuation, he added, which could make the forward returns less appealing. 

Weiss also likes European stocks, but argued that buying a broad index in the region will likely be weighed down by European financials. Investors should look to buy European industrial stocks, rather than sell them, he added. 

There doesn't appear to be any "major values" present in the U.S. market, Weiss added, with the exception of energy stocks. He reasoned that investors should avoid drilling companies, because earnings estimates still need to decline. 

While this group will likely get a bounce when oil prices move higher, drilling stocks are still to be avoided by investors. Consider "legging" into a position in energy, rather than going all-in, as the sector is likely to remain volatile and provide better buying opportunities over time, Weiss explained. 

There does appear to be a bottom in place for oil, as the commodity has traded in a very tight range for the past three weeks, said Jim Lebenthal, president of Lebenthal Asset Management. That's a good sign of a bottoming process. He likes BP (BP) - Get Report as a way to play a rise in oil prices and sees West Texas Intermediate climbing to $65 per barrel. 

Aside from the drillers, Block is also worried about exploration and production companies. He's concerned that perhaps investors haven't factored in oil demand correctly, which may not be as rosy as some may think. 

WTI oil prices have remained between $48 to $52 per barrel for a quite some time, Najarian pointed out. However, the oil volatility index is still elevated, suggesting that a potential decline could be in the cards. He agreed with Weiss that investors who want to get long energy stocks should do so over time, rather than with one big purchase. 

For their final trades, Block is buying the iShares 20+ Year Treasury Bond ETF (TLT) - Get Report, Najarian is a buyer of American Airlines (AAL) - Get Report and Lebenthal and Weiss are buying Citigroup (C) - Get Report. 

-- Written by Bret Kenwell 

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.