NEW YORK (TheStreet) -- The Dow Jones Industrial Average is less than 2% from the 18,000 mark. The momentum in the stock market from the past two sessions cannot continue, said Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, on CNBC's "Fast Money Halftime" show. However, he sees a slower-paced rally that could ensue into year's end.
The market rose initially on Wednesday's Federal Reserve comments, Weiss said. But the rally's continuation is on the expectation the European Central Bank will initiate some form of quantitative easing on Jan. 22.
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The S&P 500 is up roughly 4.5% in the past two days, a huge move for the index, according to Josh Brown, CEO and co-founder of Ritholtz Wealth Management. The rally has undoubtedly been helped higher by crude oil, which appears to have stabilized near $55 per barrel, and by energy stocks, which are up some 9% from the lows on Tuesday.
Brown pointed out the Russell 2000 appears to be on the verge of a breakout. The index has continually found stiff resistance near 1,200. However, the small cap index has been consolidating all year long and a breakout would be a bullish sign for the broader stock market in 2015.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, continued to stress that lower oil prices are "unambiguously bullish" for the U.S. economy because consumers and businesses will have lower energy costs. However, the effect isn't felt immediately and will take some time to show its positive impact. The stock market is benefiting from the stabilization in oil prices.
The snapback in the stock market has been very intense, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. He pointed out the financial sector is outperforming, being led higher by Goldman Sachs (GS) and Morgan Stanley (MS) , which hit a 52-week high on Friday.
Large cap technology stocks continue to move higher as well, Pete Najarian added. However, investors would be wise - not just in large cap tech but more broadly speaking - to take some profits after the big two day move in the market.