Greece Crisis Has Yet to Create Buying Opportunity in U.S. Stocks

NEW YORK (TheStreet) -- The Greece drama continues to swirl, as concerns mount about whether the struggling country will come to new terms on a debt deal or be forced out of the eurozone. After Monday's sizable losses, U.S. stocks are on the rebound on Tuesday. The S&P 500 is up 0.4% on the day, only slightly erasing its more than 2% drop from the day prior. 

While the session started off strong, investors are using these opportunities to sell stocks, Joseph Terranova, senior managing partner for Virtus Investment Partners, said on CNBC's "Fast Money Halftime Report." Selling into the strength will be a likely pattern for the next few weeks until investors get their hands on more economic data and until earnings begin to come out, he said. 

For now, Terranova recommended investors remain patient and refrain from doing much at the moment.

Market participants should watch the 200-day moving average on the S&P 500, advised Steve Grasso, director of institutional sales at Stuart Frankel. Currently, that level is at 2,054 and has acted as support in previous years. If it fails this time, Grasso noted, stocks could be headed lower. At the moment, it's a "very fragile market," he said.

Investors simply seem to be uncertain, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Although the uptrend in stocks has leveled off and just 6% of stocks in the S&P 500 are still trading strong in the short-term, Brown says a bounce could be in the cards.

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