NEW YORK (TheStreet) -- The S&P 500 suffered from a late session selloff, ending lower by 1.4% on Friday. However, West Texas Intermediate climbed some 8% to finish at $48.24 per barrel on Baker Hughes (BHI)  data showing rig count dropped by 94 rigs.

It's the biggest drop in rigs since 1987, Tim Seymour, managing partner of Triogem Asset Management, said on CNBC's "Fast Money" TV show. This is bullish for oil price because it means less supply will come online. The word on the Street is oil will likely bottom near the end of the first quarter, when many producers will be able to cut back on production. 

But investors many not need to wait that long since the bottoming process is already occurring, Seymour added. Brent crude looks like it's near a bottom, a process that has been occurring for the past three to four weeks. Investors can get long oil and ConocoPhillips (COP) - Get ConocoPhillips Report  but should "stay very far away from" BP (BP) - Get BP p.l.c. Sponsored ADR Report

Investors shouldn't be so quick to believe the move in oil, countered Guy Adami, managing director of stockmonster.com. Many of the financial industry's big investment firms have minimum holding thresholds they need to maintain in both the equity and commodities market each month. Friday's rally, which started with the rig count report, could have been aided by these funds looking to boost their holdings on the last trading day of the month. 

But it's not just big funds and rig counts moving oil prices. According to Brian Kelly, founder of Brian Kelly Capital, any sort of rally could lead to a big short squeeze. Since so many traders and investors are holding crude oil short, the move higher may have forced many of them to cover their positions, adding to the buying pressure throughout the session. 

Kelly also raised the question, "What will happen to the economy when gas prices eventually go back up?"

Steve Grasso, director of institutional sales at Stuart Frankel, had part of the answer. The stocks that benefited from lower oil will go lower, such as the airlines. The automakers may see lower sales of larger vehicles, too. 

There appears to be support for oil prices near $42, Grasso added. If the commodity breaks below that level and if the U.S. dollar remains strong, oil prices could drop significantly further. He also said next week's oil inventories report is likely to reveal a "supply glut" and lead to lower prices. However, investors can buy refinery stocks near current levels.

Twitter (TWTR) - Get Twitter, Inc. Report  is scheduled to report fourth-quarter results Thursday after the close of trading. 

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Kelly continued to argue that the company "only needs to do one thing right." Whether it comes in the form of higher advertising revenues or educated users, it doesn't matter. Management just needs to show investors that something is improving. On the bright side, the stock has traded fairly well in a market that has not treated investors nicely. 

Twitter is a "heavily out-of-favor stock," with a high valuation and very negative sentiment, said Seymour. Management should be able to figure out what it is it needs to do to succeed within the next few quarters. 

There's support near $35 per share, Grasso said. Twitter has been partnering with other brands and their apps, such as Disney's (DIS) - Get Walt Disney Company ReportESPN, in order to make it easier for users to tweet stories and get more use of the platform.

One stock that didn't have any trouble moving higher on Friday was Shake Shack (SHAK) - Get Shake Shack, Inc. Class A Report , with shares soaring 118% from the initial offering price of $21. 

There's no way investors should invest now after this massive move, Adami said. He's a buyer of Jack In The Box (JACK) - Get Jack in the Box Inc. Report instead. The rest of the panel agreed investors shouldn't chase the stock. 

For their final trades, Seymour is buying ConocoPhillips and Grasso is a buyer of Disney. Kelly said to buy Lockheed Martin (LMT) - Get Lockheed Martin Corporation (LMT) Report and Adami is buying the Market Vectors Gold Miners ETF (GDX) - Get VanEck Vectors Gold Miners ETF Report .

-- Written by Bret Kenwell

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