The Dow and are higher on Friday as the price of crude soars. West Texas Intermediate Crude is up more than 5 percent during trading.
Kristina Hooper, U.S. investment strategist at Allianz Global Investors, tells CNBC's "Power Lunch" oil will be one of three things moving the markets this year.
Read More Stocks well off highs, Nasdaq struggles for gains
"Monetary policy and oil continue to hold power over markets. The presidential election season will also begin to impact markets and add to that uncertainty in coming months," Hooper said.
She believes the stock market is fully valued and doesn't see much upside.
"Right now we expect stocks to remain in a wide trading range with lots of volatility, but little progress," Hooper said.
The Dow and S&P 500 are still up, while the Nasdaq is trying to stay positive late in the session.