NEW YORK (TheStreet) -- U.S. stocks are coming off the second-best week in two years and are continuing to move higher on Monday despite oil prices falling 4.7%, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said on CNBC's "Fast Money Halftime" show.
Specifically, he pointed out strength in the technology sector and the profit taking in oil and oil-related stocks. Watch the the Russell 2000, Brown advised. If it can break through 1,200, it could spark a broad-based rally in the market.
There will be a lot of tax-related selling from now until year's end, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. Fund managers will want to take losses and eliminate certain stocks from their holdings before the start of 2015, which could present favorable buying opportunities for investors.
January can be a volatile month, warned Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. OPEC will not cut oil production and as a result, crude prices are likely to remain lower for longer.
Investors should focus on companies that benefit from lower oil prices, like credit card companies, consumer staples, and consumer discretionary stocks, Link added.
There's been a perfect storm for lower oil prices, according to Mark Fisher, founder and CEO of MBF Clearing Corporation. Contributing factors include higher production rates, Saudi Arabia's insistence of driving prices lower and the strength of the U.S. dollar.
Crude prices could drop another $5 to $10 per barrel in the short term, but investors should consider buying Canadian oil companies for the long term. Many of these names, such as Suncor Energy (SU) , Enbridge (ENB) , and TransCanada (TRP) , could become takeover targets, he said.