NEW YORK (TheStreet) -- After an impressive Monday session, the S&P 500 enjoyed another strong day of trading on Tuesday, climbing 1.4%. But it's oil prices that have investors talking, as West Texas Intermediate is now up 14.9% in the past five days. 

So has the commodity bottomed and is headed higher from here or simply experiencing a violent upside bounce from an oversold condition? On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said he believes it's the latter, adding that oil prices could head lower in the not-too-distant future. 

Many are saying the commodity is simply rallying because of a short-squeeze, as investors who sold oil short are now covering their positions by buying the asset. But that's exactly how many rallies get started, said Steve Grasso, director of institutional sales at Stuart Frankel. 

However, Grasso won't be convinced that easily. Rig counts are decreasing and capital expenditure budgets are being slashed, but that won't have any effect on the short-term oversupply of oil. One key to watch is how oil trades after the inventory results are released on Wednesday. If oil rallies on what turns out to be a "glut" of supply, then the bottom may be in, he added. 

The dollar seems to be finding some resistance, which is good for commodity prices, said Tim Seymour, managing partner of Triogem Asset Management. Aside from oil, Seymour also likes the copper miners, which seem to have more upside ahead. He has been a commodity bull for the past several weeks. 

Even though oil prices have been rallying, the volatility in oil has been climbing, too. That's because the moves, either up or down, have been so violent, reasoned Pete Najarian, co-founder of optionmonster.com and trademonster.com. 

Concho Resources (CXO - Get Report) looks to have approximately 8% more upside, according to Mike Kelly, managing director and senior analyst at Global Hunter Securities. He has a buy rating on the stock with $126 price target. He also likes Whiting Petroleum (WLL) and SM Energy (SM)  but acknowledged they are riskier plays than Concho. 

Grasso said he would take profits in Concho Resources and buy Whiting Petroleum instead. Kelly added he would take profits in Concho and Continental Resources (CLR - Get Report) . 

Seymour is buying Anadarko Petroleum (APC) and Najarian said investors could gain exposure to the energy sector by simply going long the Energy Select Sector SPDR ETF (XLE - Get Report) .

Shares of Chipotle Mexican Grill (CMG - Get Report)  fell 6.4% in after-hours trading. Revenues were light, as were same-store sales, said Bob Derrington, senior vice president and restaurant analyst at Wunderlich Securities. And while earnings per share results topped analysts' expectations, it was helped along by a lower-than-expected tax bracket and lower-than-expected general and administrative costs. 

In other words, it "wasn't such a great quarter" when accounting for how the company beat its EPS expectations, Derrington said. Margins also fell under pressure in the recent quarter, he added. Chipotle will have difficult comparisons this year, due to its excellent results in 2014. He has a hold rating on the stock with a $760 price target. 

Shares of Chipotle look to be headed toward $600, Seymour said. The company's growth is good but the valuation remains too high, especially with the pressure on margins. He would rather buy McDonald's (MCD - Get Report) . 

Najarian disagreed, saying the company's growth prospects for 2015 and 2016 are promising. Shares have declined to $680 in after-hours trading, right near the 50-day moving average, which could act as support. 

Disney (DIS - Get Report) also reported earnings but traded 4% higher in the after-hours after beating on top- and bottom-line estimates. Kelly said the stock will likely trade above $100 but suggested taking some profits once it does so. 

"I'm sticking with the stock until the company disappoints investors," Seymour said. The valuation is getting high but management continues to deliver excellent results. 

"Content is king" and the stock goes higher, Grasso added.

For their final trades, Najarian is buying American Airlines (AAL) and Seymour is selling Mobile TeleSystems (MBT - Get Report) . Kelly is a buyer of Control4 (CTRL) and Grasso said to buy Twitter (TWTR - Get Report) .

-- Written by Bret Kenwell

Follow @BretKenwell

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