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Tradeable Rebound Coming for S&P and Oil: Expert

As wild swings continue on Wall Street, the "Halftime Report" experts weighed in on where the market is headed.

Joe Terranova argues yesterday was a short-term bottom in oil and that there's a tradeable rebound coming for both oil and the S&P 500.

Steve Weiss thinks there are currently some attractive plays. The market has already priced in bad news out of China, and some stocks are trading near all-time low multiples. While he's not yet jumping in with both feet, he does think there are some names worth picking around.

Pete Najarian believes there is still a lot of volatility as the market remains in correlation with oil. He believes today's market rally was in response to Draghi's comments and oil's gains.

Trader disclosure: On January 22, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Pete Najarian: Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE. Long calls AAL, BAC, BX, CHS, GE, GDX, HAIN, LC, MSFT, NRF, WMB, WYNN, XBI, YDKN. Long puts FCX, MRO

Jon Najarian: Long calls BOD, BWLD, JNJ, MCD, MDLZ, MSFT, MU, QCOM,RCL, STO, SWHC, TWX

Joe Terranova: LongVRTS

Steve Weiss: Long AAL, C, VIAB