NEW YORK ( TheStreet) -- It's off to the races for global stock markets, as a deal with Greece and its creditors is looking more likely.
"I've been entirely wrong" this month, Joseph Terranova, chief market strategist for Virtus Investment Partners, said on CNBC's "Fast Money Halftime" show. He's been bearish in June, which hasn't worked out too well.
Greece is giving the bulls something to be excited about, and with earnings coming up in a few weeks, the stock market could go higher, Terranova said.
Terranova believes interest rates are headed higher in September, which would boost the financial sector. He also likes JetBlue Airways (JBLU).
Jon Najarian disagreed. Najarian, the co-founder of optionmonster.com and trademonster.com, said the Federal Reserve will likely keep lower rates for longer, adding that a new Greek debt deal is unlikely to change the Fed's timing.
Are we overthinking Greece? A few years ago, there was much more systemic risk with the country, but not anymore. Simply put, investors are less worried about Greece, according to Josh Brown, CEO and co-founder of Ritholtz Wealth Management.
He cited the SPDR Euro Stoxx 50 ETF (FEZ). It's essentially the Dow Jones Industrial Average of Europe, Brown said, pointing out that the exchange-traded fund is surging in this session, up 5% at one point. That shows investors are truly not worried about how Greece will affect the European economy and companies.
Gemma Godfrey, chief investment strategist at Brooks MacDonald, said Greece makes up less than 2% of Europe's gross domestic product and most European banks have shed their exposure to the struggling country.
Many investors were anticipating a negative stock-market reaction to the Greece situation, as the country inched closer to default. That left portfolio managers raising cash to buy on a pullback, Brown said. So where will the money go now if there is no pullback? He suspects some of the favorites, such as Netflix (NFLX) and Facebook (FB), will be bought, along with cyclical stocks.