NEW YORK (TheStreet) -- The Dow Jones Industrial Average is less than 2% from the 18,000 mark. The momentum in the stock market from the past two sessions cannot continue, said Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, on CNBC's "Fast Money Halftime" show. However, he sees a slower-paced rally that could ensue into year's end.
The market rose initially on Wednesday's Federal Reserve comments, Weiss said. But the rally's continuation is on the expectation the European Central Bank will initiate some form of quantitative easing on Jan. 22.
The S&P 500 is up roughly 4.5% in the past two days, a huge move for the index, according to Josh Brown, CEO and co-founder of Ritholtz Wealth Management. The rally has undoubtedly been helped higher by crude oil, which appears to have stabilized near $55 per barrel, and by energy stocks, which are up some 9% from the lows on Tuesday.
Brown pointed out the Russell 2000 appears to be on the verge of a breakout. The index has continually found stiff resistance near 1,200. However, the small cap index has been consolidating all year long and a breakout would be a bullish sign for the broader stock market in 2015.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, continued to stress that lower oil prices are "unambiguously bullish" for the U.S. economy because consumers and businesses will have lower energy costs. However, the effect isn't felt immediately and will take some time to show its positive impact. The stock market is benefiting from the stabilization in oil prices.
The snapback in the stock market has been very intense, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. He pointed out the financial sector is outperforming, being led higher by Goldman Sachs (GS) - Get Report and Morgan Stanley (MS) - Get Report , which hit a 52-week high on Friday.
Large cap technology stocks continue to move higher as well, Pete Najarian added. However, investors would be wise - not just in large cap tech but more broadly speaking - to take some profits after the big two day move in the market.
"I'm pretty cautious here and I'd take my chips off the table," said Paul Richards, managing director and head of FX, rates and credit distribution North America at UBS. In the short term, the market faces downside risk as it is "almost" priced for perfection, he said. Investors now expect some form of stimulus from the ECB in January.
The conversation shifted to social media stocks. Brown said he would rather be long LinkedIn (LNKD) going into 2015 than Facebook (FB) - Get Report and Twitter (TWTR) - Get Report . Twitter's management needs to make some improvements in 2015 if it wants to the share price to go higher, Jon Najarian said. Weiss agreed, saying he would rather be short Twitter than long the stock near current levels.
Weiss added that he bought shares of Facebook on Thursday. The stock has been consolidating in the $70s and appears poised to move higher. Pete Najarian is also a buyer of Facebook, saying the stock seems likely to appreciate.
-- Written by Bret Kenwell
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.