Is This a Warning Sign or Buying Opportunity From Greece?

NEW YORK (TheStreet) -- It's all about Greece. The global stock markets sold off on Monday after the country failed to come to terms on a new debt deal, forcing banks in the country to temporarily close and bringing a default that much closer to reality. 

There's still not enough volatility, Pete Najarian, co-founder of OptionMonster and TradeMonster, said on CNBC's "Fast Money Halftime" show. With the CBOE Volatility Index (VIX.X) near $17, it could have far more upside. Investors looking to buy the dip should give it a few days, as the S&P 500 is only off by 1.4%. 

Jon Najarian, also co-founder of OptionMonster and TradeMonster, added that he is long portfolio protection in the form of long VIX.X call options and long S&P 500 put options. Don't sell your protection until the Volatility Index hits $20, he insisted. 

While there is concern today, there doesn't seem to be panic, even in European stocks, which are down more than U.S. stocks, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. He explained that there simply isn't that much fear in the market right now. 

"Bring it," Brown said in regards to whether this could be the start of a 5% to 10% correction. If it is, long-term investors will be rewarded. 

Long-term investors would stand to benefit from a sizable correction, Joseph Terranova, chief market strategist for Virtus Investment Partners, said in agreement. Specifically, he likes financial stocks, which seem likely to outperform in the second half of the year. Namely, he likes Goldman Sachs (GS) and Morgan Stanley (MS), as well as regional banks like SunTrust Banks (STI). 

Taking a closer look at the banks, JP Morgan (JPM) was downgraded to perform from outperform by analysts at Oppenheimer & Company. The slight pullback of 2% in the stock looks relatively normal, according to Pete Najarian, who still likes JP Morgan on the long side.

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