"There is a return. That's part of that volume that came into the market and was willing to sell that premium at those higher levels," said Najarian.
Despite the return, Grasso thinks volume is still terrible and wonders where it will go from here.
"A lot of guys are sitting on their hands, waiting for September. Waiting for traders to get back to their desks," said Grasso, adding that September is historically a bad month for the markets.
TREASURY BONDS BREAK OUT
While most equities yawned, treasury bonds continued to break out before the Federal Reserve begins its second round of purchases. The Barclays long-term bond exchange-traded fund hit a 52-week high, rising a whopping 2%.
Money is leaving equities and going into bond funds, said Steve Grasso of Stuart Frankel. Until that dynamic changes, you will not see this market rally.
Those that are interested in equities are looking for dividend yields, like DuPont , said Pete Najarian of optionMONSTER.com. Companies with high yields are beginning to find support and are moving to the upside, he added. A 6.2% dividend yield is just another reason Grasso likes Altria Group , he said. Patty Edwards of Storehouse Partners owns several stocks with a high dividend, including Philip Morris International, Kraft and Coca-Cola .
WILL WHEAT PUSH HIGHER?
Wheat got ahead of itself, but is not over, said Dennis Gartman, hedge fund manager and author of The Gartman Letter. The problems in Russia aren't going away because the country hasn't gotten any rain, he said. With the price of wheat high, he thinks US farmland that would have gone to corn will now go to wheat for next year. Gartman recommends looking into next year's corn market.
As a derivative trade, he would consider Deere. He also likes small banks in the Midwest, which he said will be a beneficiary of the US farming community.
CALL TO THE FLOOR: SHUTTERFLY