"On a technical level, I felt like at a certain point, the bottom just dropped out of this market. We were eyeballing that recent low of 1,928 in the S&P cash," he said. "We're below the (50-day moving average). You tap that (100-day moving average)."
On CNBC's "Fast Money," Grasso said that stocks were likely to continue to slide.
"This is the first time in a while that we've retraced so quickly those moving averages, so I think we're headed toward the (200-day moving average)," he said, adding that he was looking to add to his positions in Google and Apple.
The S&P 500 closed at 1,935.10, down 1.5 percent, to hit an eight-week low.
Triogem Asset Management's Tim Seymour said that was one of the best plays at the moment.
"The easy part about where we are right now is: Being short certain indices gives you a lot of protection, depending on how much premium you want to spend, if you're an options player or you're just being short indices, because we haven't really seen the big selloffs," he said.
Seymour added that he thought the S&P 500 would test a level of 1,905.
"To think we're done with volatility is to be unprepared," he said.
Seymour also noted another option playing "around the edges" of the market.
"I think Germany now sets up to be the long side of a relative value trade, which probably has either the or even the IBB … on the short side," he said.
Karen Finerman of Metropolitan Capital Advisors said that she bought shares of Macy's and was putting together a "buy" list.
"On the list would be something like Eaton," she said, noting attractive prices in the industrials sector.
"I think these moves are so big that they're actually setting up for some activist to come in," she said. "Valuations, I think, are pretty reasonable. Could they go lower? Of course. But if I had cojones, I'd be shorting puts here on the S&P."
But, she added, "I don't do that kind of trade."