Russell Rebalancing Boosts Volume

The Russell 1000 index is seeing the biggest dollar trading volume this year since 2007, as the index does its annual rebalancing.

Larger names—Berkshire Hathaway B, General Growth Properties

and Alcon—have been added, as well as, Jamba and Kodiak Oil & Gas , which have increased the weight of the Russell 1000.

All of this is causing speculation and excitement for arbitrage opportunities.

Programming note: "The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.