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Market waiting, watching, whistling by graveyard

Markets traded in a muted range on Thursday as the back and forth between Greece and the country's creditors continued ahead of a June 30 deal deadline.

But with no deal so far, investors are left watching and waiting for volatility to present a buying opportunity in a relatively subdued U.S. market.

"I think people are believing the ECB has the power to step in and stop the problem or the contagion beyond Greek borders. I don't know how convinced I am of that; it seems like the market is," Wedbush Chief Investment Officer Steve Massocca told "CNBC's Power Lunch" on Thursday. "Little bit of whistling by the graveyard here."

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And while Massocca witnesses investors shifting focus away from talks dragging on in Greece to U.S. fundamentals and economic data, he said with overall valuations at "18 times forward, you can argue the markets anticipated that data sometime ago."

But even as some investors see the market approaching fair value, John Buckingham, CIO at AFAM Capital says portfolio managers are facing limited options. "Stocks look appealing especially when you think about alternatives and where else you might put your money," he said. "We don't see the marker being overvalued, especially given where we are on interest rates."

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After selling some winners, Buckingham noted his firm is sitting on about three times the usual amount of cash. Wells Fargo Global Equity Strategist Scott Wren has observed the same phenomenon, saying "retail investors are under-invested in stocks. They are sitting on too much cash." And while he hopes for a market pullback, he said he wouldn't expect it to come from Greece.

"Indecision over Greece—the market seems to have digested that pretty well," he said. "What we've been trying to do is on any pullback—no matter what the magnitude is—we want our clients stepping in."