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.