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‘Correction Not Over’ in Market: Pro

While stocks closed higher, the correction isn't over, Josh Brown of Fusion Analytics said Wednesday.

"Until we get two weeks consecutive closes above 1,600 on healthy advance/decline, we have to assume we're still in the midst of this corrective action," he said.

The Dow Jones Industrial Average rallied 149.83 points, or 1.02 percent, to end at 14,910.14. The S&P 500 climbed 15.23 points, or 0.96 percent, to close at 1,603.26. And the Nasdaq bounced 28.34 points, or 0.85 percent, to finish at 3,376.22.

(Read More: Stocks Close Up 1%, Dow Soars 150; AAPL Ends Below $400)

On CNBC's "Fast Money," Brown noted that stocks retraced "about half" of last week's losses, but he warned that an up day was what a correction could still look like.

"You see down, down, down, one big up day," he said. "I think it's too early."

(Read More: Look Outside US for Bond Plays: Pro)

Stuart Frankel's Steve Grasso said that he could believe that a correction was still underway.

"We could probably rally another 20 handles or so in the S&P and still have it be a 'sell,'" he said.

Grasso also said that he had bought shares of Google, Hercules Offshore, Hewlett-Packard and Southern but wasn't fully invested, nor selling.

"I was nibbling around the edges," OptionMonster's Jon Najarian said. "I was buying today and selling puts today, which obligates me to buy at a lower level if we get there."

Najarian said that he was bullish on mining companies, having sold weekly puts.

"I was actually nibbling in Tesla today," he added.

(Read More: 'Still Too Early for Stocks': Stephen Weiss)

Karen Finerman of Metropolitan Capital Advisors was agnostic on the market's direction.

"I have great confidence that I am never going to pick the bottom, so I can't really worry about where it trades in the shorter term," she said. "I've just got to try to find things that I know I understand the business, I understand the valuation. Could it move? Of course."

Firenman was a buyer of Ocwen.

Trader disclosure: On June 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long MGM; Jon Najarian is long EXC; Jon Najarian is long DFS; Jon Najarian is long NKE; Jon Najarian is long FL; Jon Najarian is short AGQ; Jon Najarian is short NEM; Jon Najarian is short ABX; Jon Najarian is short TOL; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long OCN; Karen Finerman is long HLSS; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Josh Brown is long AAPL; Josh Brown is long VGK; Josh Brown is long P; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long MHY; Steve Grasso is long HPQ; Steve Grasso is long HERO; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S.

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