NEW YORK (TheStreet) -- The economy has been one of the major concerns over the past five years, Joseph Terranova, chief market strategist for Virtus Investment Partners, said on Wednesday's CNBC "Fast Money Halftime Report." As long as the economy continues to improve, stocks can continue to rally.
U.S. corporate tax rates are likely going to be a discussion over the next several months now that Republicans have reclaimed the Senate, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. If there is tax reform, that could give a big boost to technology and pharmaceutical companies.
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With the changes in Congress, it's likely the Keystone pipeline will become a priority in the not-so-distant future, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com. Pipeline and medical device stocks should do well going forward.
While the U.S. stock market could be setting up for a "Goldilocks scenario," investors should be cognizant of the slowdown in China and Europe, warned Stephen Weiss, founder and managing partner of Short Hills Capital Partners. Retail and health care stocks should do well.
West Texas Intermediate climbed $1.25 to $78.42 per barrel. John Dowd, a portfolio manager at Fidelity, said the decline in oil prices has put pressure on energy stocks, creating some good buying opportunities. He likes EOG Resources (EOG) and Anadarko Petroleum (APC) but warned that many integrated oil stocks will be unlikely to cover both capital expenditures and their dividends.
Gold has also been hit hard in recent trading and is down roughly 2% to $1,145 per ounce on Wednesday. The yellow metal could "flush" down to $1,050 or even $1,000 per ounce, Jon Najarian said. If it does, then it's a buying opportunity.
If investors like gold, they should like silver even more, Terranova reasoned. The metal has been hit harder than gold this year and has industrial uses as well.
While the two traders seemed to agree that gold is a buy at some point, one thing they didn't agree on was Amazon (AMZN) . Terranova said the Street is going to continue "punishing" the stock for not being able to grow profits and margins. He is not a buyer.