NEW YORK (TheStreet) -- Following a volatile week in the stock market, U.S. equities rallied Monday, with the S&P 500 climbing 1.1%. The markets mostly followed along in a global stock market rally and shook off concerns about oil, as West Texas Intermediate fell to its lowest levels since 2009. 

The broader markets are following healthcare, consumer discretionary and financial stocks higher, Joseph Terranova, senior managing director at Virtus Investment Partners, said on CNBC's "Fast Money Halftime" show. 

It's surprising that the fall in oil prices isn't hurting stocks more, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. The commodity remains "incredibly volatile," he added. Specifically, he likes refinery stocks like Tesoro Corp. (TSO), Valero Energy (VLO - Get Report) and Marathon Petroleum (MRO - Get Report), as well as airline stocks. 

Investors should consider buying portfolio protection now that the CBOE Volatility Index (VIX.X) has dipped back into the $15 range, Najarian said. 

In the short-term, energy stocks and oil will remain volatile and tough to predict, Terranova added. However, long-term investors can take advantage of the big selloff by buying stocks like Exxon Mobil (XOM - Get Report), Chevron (CVX - Get Report), Schlumberger (SLB - Get Report), Baker Hughes (BHI) and Anadarko Petroleum (APC). Investors should refrain by "bottom picking" low quality companies, he said. 

For many investors, it's probably easier to focus on using the Energy Select Sector SPDR ETF (XLE - Get Report) rather than picking individual companies, according to Josh Brown, CEO and co-founder of Ritholtz Wealth Management. 

Brown reasoned that it's too difficult to determine the impact of a rising U.S. dollar on an entire index - such as the S&P 500 - because there are many other factors to consider. However, on a company-by-company basis, the impact of a rising U.S. dollar could have a large affect on earnings. 

For this reason, Brown pointed out that many small cap stocks receive most or all of their revenues from within the U.S., so the impact of a fluctuating dollar will have little impact. 

On average, U.S. stocks fall 1% for each 6% to 7% rise in the U.S. dollar, according to Adam Parker, U.S. equity strategist and managing director at Morgan Stanley. However, there's many different factors that affect stocks. For instance, if the U.S. economy is stronger that the global economy, both stocks and the dollar can appreciate, as investors plow into U.S. based assets, he explained. 

However, when the dollar does rise, it tends to negatively impact consumer staples, chemical, and material companies the most, Parker said. He is bullish on U.S. stocks, reasoning that earnings estimates are too low, while equities continue to look more attractive than bonds. 

Parker's top sector picks include energy and consumer discretionary. 

The conversation turned to Disney (DIS - Get Report), which was higher on the day by 1%, despite being downgraded to hold from buy by Rich Greenfield, an analyst at BTIG. The stock is near fair value, he argued, saying it was difficult to imagine how shares could go significantly higher from current prices. 

The company's growth has been amazing, he added. But expectations have ballooned higher and that makes it tough for management to impress investors. There's "increasingly less room for error," he reasoned. Instead, he likes Netflix (NFLX - Get Report) and Twenty-First Century Fox (FOX). 

Najarian agreed that FOX looks attractive, but disagreed that investors had to sell Disney. He says investors can stay long on both stocks. 

There's no problem with taking a profit in a stock that's gone up so much, Brown said. He too is long on Disney and said that it has an above-average valuation. However, the company has above average growth and has earned that premium valuation, he said.

Rather than sell Disney and hope to buy it back a few dollars cheaper, investors should simply hedge their long position with put options if they're worried about a decline in share price, Terranova said. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.