While the Street debates the chances of a recession, some market watchers are deliberating the type of correction the market is in.
Corrections that do not precede a recession are a buying opportunity, and in this scenario, equities will pare most losses in about eight months, Glenmede's Jason Pride said Wednesday on "Closing Bell." However, if the correction is a precursor to a recession then there are more lows to come, he said.
The director of investment strategy pegs current market conditions at the expansion phase of the business cycle. Nonetheless, he contends that this expansion phase is risky business that could lead to a "more difficult scenario."
"The economic signals are a little more marginal than the last correction that we saw July/August," Pride said. "The manufacturing sector is weak, we are seeing China and we are seeing energy."
Deutsche Bank's chief U.S. economist, Joseph LaVorgna, said recently that the chances of a recession, although most likely a shallow one, are at 40 percent. The results are higher than a recent CNBC Fed Survey, where found the probability of recession at 24 percent.