NEW YORK (TheStreet) -- The crude oil price benchmark West Texas Intermediate fell 0.7% on Wednesday, a day before OPEC is scheduled to meet on Thursday. If OPEC decides not to cut production and oil still rallies, then a short-term bottom will be in, Jon Najarian, co-founder of and, said on CNBC's "Fast Money Halftime" show. 

The Energy Select Sector SPDR ETF (XLE) - Get Report is made up of many companies like Exxon Mobile (XOM) - Get Report and Chevron (CVX) - Get Report , which have strong balance sheets and healthy dividends, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management

He added that all of the downside does not seem priced into energy stocks - like Seadrill (SDRL) - Get Report , which is down 20% following its dividend suspension. He is a seller of rallies in energy stocks. 

The United States Oil ETF (USO) - Get Report is near a 52-week low, which according to Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, means that expectations are very low for OPEC to cut production. While he has no buy or sell order in place for the event, the risk-to-reward favors a rise in the price, he said. 

Steve Grasso, director of institutional sales at Stuart Frankel, said $67 is the "ultimate support"  price for crude oil Even if oil production is cut, it's unlikely to make much of a difference for oil prices. Energy stocks, especially E&P companies like Continental Resources (CLR) - Get Report and Whiting Petroleum (WLL) - Get Report , will likely head lower as a result. 

There's no need for some OPEC members, such as Kuwait or Saudi Arabia, to cut production, according to Helima Croft, head of commodity strategy at RBC Capital Markets. Saudi Arabia is focused on taking market share, although it would prefer for oil to be closer to $100 per barrel, she said. In the short term, investors may see a low price target of $71.50. Many oil exporting countries want to price the oil higher, but these countries aren't willing to cut production, Croft concluded. 

Airline stocks benefit from lower oil, and American Airlines (AAL) - Get Report is Weiss's top pick. The industry is "immensely profitable" and still undervalued, he said. 

Boeing (BA) - Get Report is the best way to play the boom in air travel, said Brown. The company has a $1 trillion backlog.  

The conversation then turned to retail stocks, as Black Friday is quickly approaching. Weiss said investors should stay long on GoPro (GPRO) - Get Report , which is likely to continue to rally going into Christmas. He also said to stay long on Apple (AAPL) - Get Report , which is a "great" company. 

Peter Dixon, head of Fidelity's global consumer team, said his top picks include Disney (DIS) - Get Report and Limited Brands (LB) - Get Report . These companies have a great brand and growing popularity among consumers. The companies also have a fast growing business at a time when consumers are benefiting from a stronger economy and lower fuel costs. 

Kohl's (KSS) - Get Report and TJX Companies (TJX) - Get Report are Najarian's top retail picks. He is waiting to use a pullback in Best Buy (BBY) - Get Report as an opportunity to go long on the stock. 

In regards to the broader market, Brown said it would be nice for there to be a pullback. That's because the S&P 500 has exceeded its five-day moving average for the largest number of consecutive trading sessions, which it has ever done in its history. A pullback is in order, he said. 

I don't use technicals, Weiss said, just fundamentals. And right now, the fundamentals for the market are pretty strong. 

For their final trades, Weiss is buying American Airlines, Najarian is buying Kohl's, and Brown is buying the iShares U.S. Preferred Stock ETF  (PFF) - Get Report .

-- Written by Bret Kenwell 

Follow @BretKenwell