NEW YORK (TheStreet) -- Billionaire hedge fund manager David Tepper believes the S&P 500 is "fairly valued" and could rise another 8% to 10% from current levels next year, he told CNBC Monday.

What do the CNBC "Fast Money" traders think? Tim Seymour, managing partner of Triogem Asset Management, largely agreed. However, he said the broader market is not that attractively valued near current levels and 2015 will likely see more volatility including European stocks rising.  

Brian Kelly, founder of Brian Kelly Capital, said that while U.S. stocks seems somewhat overvalued, it's still the best investment asset for global investors. With central banks from around the world pumping money into the financial system, "how can it not inflate the prices?" he asked. 

However, Gordon Johnson, managing director at Axiom Capital Management, believes the stock market is likely to see some weakness in 2015. He warned investors will have to focus more on selecting individual stocks rather than buying the broader market. 

This year was good for investors who were long, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. However, they should now consider buying some put option protection via the CBOE Volatility Index (VIX.X)  to hedge their gains and protect their portfolios. 

Speaking of volatility, crude oil reversed lower from its morning rally, closing down 1.85%. The commodity hit its lowest levels since May 2009. Investors bought crude on news that Libyan supply had been destroyed, only to realize this situation may result in even more production of oil in order to make up for the loss, according to Dennis Gartman, editor and publisher of The Gartman Letter. Oil seems to be headed "well below $50," he said. 

The further oil falls, the more pain it will inflict on energy stocks, said Najarian. He believes the sector will go lower.

While lower energy prices are bad for oil companies, it's a "boon" for the global economy, Seymour said. Use the recent rally in energy stocks, such as Southwest Energy (SWN) , as an opportunity to sell.

Shifting to M&A in the tech sector, Daniel Ives, managing director at FBR Capital Markets, thinks Cisco Systems (CSCO) should buy FireEye (FEYE) for its cyber security business. FireEye CEO Dave DeWalt has sold his previous two businesses, Ives noted. 

IT spending isn't expected to grow much in 2015 with the exception of cyber security, big data and cloud, Ives said. With that in mind, he suggested IBM  (IBM) could buy Tableau Software (DATA) and Oracle (ORCL) could buy NetSuite (N) . 

FireEye and IBM are both interesting on the long side, Najarian said. If Cisco were to buy FireEye, it'd probably act as a bullish catalyst for Cisco's shares, Seymour said. Yahoo! (YHOO) could also look to make several acquisitions in 2015. 

Michael Yee, biotech equity research managing director at RBC Capital Markets, said Gilead Sciences (GILD) is almost surely buying back more stock amid the recent 15% to 20% pullback. The company has bought back some $6 billion worth of stock this year and is committed to buying more shares when the price falls. He likes Gilead in 2015 because of its valuation, buyback and capital allocation. 

Yee also likes XenoPort (XNPT) on the long side. The $509 million market cap company already has a Phase II clinical trial for its orally taken psoriasis treatment, which could propel the stock price into the double digits next year, he said. 

Shares of Gilead Sciences are not yet a buy, argued Seymour. The company is already under pricing pressure for its hepatitis C treatment and could see further pressure in the future. 

For their final trades, Seymour said to sell Constellation Brands (STZ) and Najarian is buying Best Buy (BBY) . Johnson is a seller of First Solar (FSLR) and Kelly is selling the iPath Copper Total Return Sub-Index ETN (JJC) . 

-- Written by Bret Kenwell

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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