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 optionmonster.com and trademonster.com, said on CNBC's "Fast Money Halftime" show.
The Energy Select Sector SPDR ETF (XLE) is made up of many companies like Exxon Mobile (XOM) and Chevron (CVX) , which have strong balance sheets and healthy dividends, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management.
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The United States Oil ETF (USO) 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) and Whiting Petroleum (WLL) , 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.
The conversation then turned to retail stocks, as Black Friday is quickly approaching. Weiss said investors should stay long on GoPro (GPRO) , which is likely to continue to rally going into Christmas. He also said to stay long on Apple (AAPL) , which is a "great" company.
Peter Dixon, head of Fidelity's global consumer team, said his top picks include Disney (DIS) and Limited Brands (LB) . 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.
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.