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NEW YORK (TheStreet) -- Friday was a relief for many investors after West Texas Intermediate rose 4.8% and the S&P 500 climbed 1.38%.

But the move in oil may only be a short-term event, Steve Grasso, director of institutional sales at Stuart Frankel, said on CNBC's "Fast Money" TV show. A lot of investors were short oil and likely covered on today's rally. 

The rally could last for a few more days in crude but it's ultimately headed lower, according to Guy Adami, managing director of stockmonster.com. The rally in stocks was mostly fueled by investors looking to cover their short positions ahead of the three-day weekend. Markets are closed Monday. 

It wasn't just oil prices that rallied, said Tim Seymour, managing partner of Triogem Asset Management. Gold, silver, corn and copper also moved higher. He sees commodities rallying this year. However, investors should consider buying some of the copper miners, which have been beaten down badly, instead of buying into oil. 

Copper still goes lower, argued Brian Kelly, founder of Brian Kelly Capital. He added that oil prices could continue to rally and still be stuck in a bear market because it won't take much of a price hike for many companies to increase oil production. Investors who do want to be long commodities should look toward agriculture and buy the PowerShares DB Agriculture ETF (DBA)

Gold is another commodity that can continue its rally, Adami said. There's "blue skies" ahead for the yellow metal, but investors are better off buying the Market Vectors Gold Miners ETF (GDX) , especially if the stock market can have a sustained rally. 

Jens Nordvig, head of FX strategy at Nomura Securities, said Investors have lofty expectations for the European Central Bank next week, when it's expected it will initiate a large quantitative easing program. 

Those expectations grew once the Swiss National Bank decided to abandon pegging the franc to the euro, leading investors into believing  the ECB may initiate a stimulus package. It will be difficult to live up to those expectations, Nordvig reasoned. While the euro looks like it's headed lower in the medium term, it could rally in the short term if the ECB underwhelms investors. 

There were also a lot of deposits held in Swiss francs. After the large rally, many investors will likely look for a new place to invest that money, perhaps in the U.S. dollar or in European stocks. European stocks could rally if the ECB does launch a stimulus plan. 

The selloff in the euro seems overdone, Seymour said. If the currency were to rally, the U.S. dollar could decline while the yen may rally. That would represent a "risk off" event, which is bad for equities. The falling U.S. dollar would be good for commodity prices. 

The ECB announcement next week is a "massive, massive event," Kelly said. If it delivers on expectations, risk assets are headed higher. Disappointment will lead to a risk off event where stocks underperform.  

For their final trades, Kelly is selling short the iShares 20+ Year Treasury Bond ETF (TLT) and Grasso is a buyer of KB Home (KBH) . Seymour said to buy Unibanco (ITUB) and Adami is buying the Market Vectors Gold Miners ETF.

-- Written by Bret Kenwell

Follow @BretKenwell

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