Stuart Frankel's Steve Grasso believes in investing in what's been working.
"People are looking at this market as, 'What's gotten beaten down? Let's buy those bargains,'" he told CNBC. "I'm looking at it as, 'What has worked, in this horrendous landscape for stocks?'"
What's been working, he finds, is Walmart.
Grasso says big investors are waiting for the hedge-fund redemption deadline coming up on November 15.
"Everyone is so focused on that, that I think that's what's leading this market back and forth," he said. "The flip side of it is, most hedge funds who need to be in cash, I think, have unwound enough to be in cash."
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He finds the more stable funds waiting to invest that cash until after next week, creating a volatile trading climate.
Disclosure information for Steve Grasso was not immediately available.