NEW YORK (TheStreet) -- Lower oil prices continues to be the theme on Wall Street as West Texas Intermediate fell 1.84% to $77.30 per barrel on Tuesday. On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said volatility is likely to remain high in the oil market. 

However, investors can start to take long positions in refining companies including Valero (VLO) - Get Report and Tesoro (TSO) , he said.  

"I think you can stay short," Brian Kelly, founder of Brian Kelly Capital, said of the oil market. He is short the Energy Select Sector SPDR ETF (XLE) - Get Report and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - Get Report .

Consumers won't drive more in the winter months just because gasoline is cheaper, according to Tom Kloza, head of energy analysis at Oil Price Information Service. Oil prices are likely being driven lower by high supply, he said. The main question remains: Will the savings at the pump translate into higher spending elsewhere? 

Gas station convenience stores are likely to see an increase in spending now that gasoline prices have fallen so far, said Karen Finerman, president of Metropolitan Capital Advisor. She likes CST Brands (CST) .

Dan Nathan, co-founder and editor of, reasoned that if crude oil continues its decline, it's likely to weigh on the stock market. 

However, not all stocks suffer from lower energy costs. Airline stocks will benefit from lower jet fuel costs, according to Jamie Baker, senior airline equity analyst at JPMorgan. Some additional flight routes may become profitable with the lower costs, and for that reason capacity levels may increase. American Airlines (AAL) - Get Report does not hedge its fuel costs, so it'll likely benefit the most from the decline in oil prices, he concluded. 

Boeing (BA) - Get Report hasn't been performing that well, Kelly said, so he suggested taking profits in the stock. He is also a short-seller of the Canadian dollar and the iShares MSCI Canada ETF (EWC) - Get Report .

Michael Kors (KORS) slid 8.5%, despite beating on top- and bottom-line estimates. However, the company provided lower-than-expected guidance. "This stock is getting into value territory," according to Finerman. The North America segment was slightly weaker than expected, but the selloff is overdone, she said. 

Grasso added that Best Buy (BBY) - Get Report "looks really good on a lot fronts" headed into the holiday season. 

Alibaba (BABA) - Get Report also reported earnings on Tuesday, but shares finished the day up 4.2%. Bob Peck, Internet analyst at SunTrust Robinson Humphrey, has a buy rating on the stock with a $120 price target. Mobile growth was strong in the quarter, as were margins, Peck said. The stock is still a buy at current levels, but two risks investors should keep an eye on include Chinese GDP and possible government interference. 

The stock still seems likely to end 2014 at its highs, Nathan said. 

T-Mobile US (TMUS) - Get Report fell 3% and was the first stock on the show's "Pops & Drops" segment. Nathan said he would avoid the stock, along with Sprint (S) - Get Report . He told investors to take profits if they have them. 

Bloomin' Brands (BLMN) - Get Report popped 10%. Kelly said he is a buyer near $19. 

Herbalife (HLF) - Get Report plunged 21%. Finerman said investors should avoid this stock. 

Tenet Healthcare (THC) - Get Report dropped 6%. Grasso said the stock seems to have slightly more downside ahead.

Rick Clemmer, president and CEO of NXPSemiconductors (NXPI) - Get Report , said his company continues to experience strong growth in China and benefit from the growing "Internet of things" market. The penetration in housing is so low for these devices that growth can continue to thrive even if the housing market slows down, he said. 

NXPI seems poised to move a lot higher, Grasso said.

For their final trades, Nathan is a seller of Google (GOOGL) - Get Report and Grasso is buying NXP Semiconductor. Finerman said to buy Foot Locker (FL) - Get Report and Kelly is selling the iShares MSCI Canada ETF. 

-- Written by Bret Kenwell

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.