With the market likely to retest the lows from last week, the right move now is to shift from stocks to all cash, said Matt Tuttle, chief investment officer of Tuttle Tactical Management..
His firm went to 100 percent cash Thursday.
"The momentum in the market is negative and with the little bit of the rally we had earlier in the week, all the markets we look at moved into overbought status. So to us it is the lowest probability time to be invested," Tuttle said in an interview with CNBC's "Power Lunch" on Friday.
That doesn't mean he thinks it's the end of the bull market, but simply a correction. He said once the market hits those lows, there will be a great opportunity to buy back in.
Tuttle's firm specializes in tactical ETF-based investment strategies. Therefore he's not necessarily looking for opportunities in specific stocks. He thinks there could be possibilities in small-cap ETFs and perhaps the S&P 500 and .
However, Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, thinks retail investors are underinvested in stocks and sitting on too much cash. He's sticking to his year-end target for the of 2,150 to 2,250.
"I think this I overdone. I think the fundamentals are in place," Wren told "Power Lunch."
"We're going to have some volatility here, no doubt, trying to find a bottom in here, but I think the last couple months of the year people are going to be surprised."
He said we're seeing better data in the United States, and will see improved figures out of Europe and Japan. He also believes there will be stabilization in China.
Because of that, Wren said investors should incrementally buy on the way down.
"If you believe that things are improving here slowly, which they are, and things are going to improve abroad, this is an opportunity to step in and buy these sectors like consumer discretionary, like technology and like industrials," he noted.
Bruce McCain, chief investment strategist at Key Private Bank, also sees the selloff as an opportunity, particularly in strong growth stocks that tend to correct the hardest during a time like this.
Specifically, he likes Celgene, which he said has strong product and revenue growth, and Disney, which he thinks is a good, solid long-term grower. In addition, he thinks MasterCard is a bit of a different way to play the potential for improving consumer expenditures in the second half of the year.
—CNBC's Jennet Chin contributed to this report.
Disclosures: Bruce McCain, his family and his firm do not own Disney, Celgene and MasterCard.