If you have a scanner that lets you do grayscale images and adjust the intensity of black and white contrast you can get some real interesting views of watermarks without using fluid.
Here are six stamps I will try and use to demonstrate this:

The back of 3 cent LQ with watermark OTH reversed:

The back of 3c LQ with the bottom of M inverted:

The back of the 2c LQ with top of reversed E watermak:

The back of the 12 1/2c LQ with LU inverted:

The back of 12 1/2c LQ watermarked E:

The back of 12 1/2c LQ with inverted ELL watermark:

Some of these images are clearer than others but it gives you an idea to use if you don't have a tray and watermark fluid handy. Enjoy!