Pullback Is Correction in an 'Ongoing Bull Market': Pro

U.S. equities are seeing a consolidation while emerging market stocks are accelerating, said Mark Tepper, managing partner and co-founder of Strategic Wealth Partners.

“We’re concerned about what’s going to happen when QE2 comes to an end and when oil prices continue to climb,” Tepper told CNBC.

In addition, Tepper said price appreciation in equities is going to slow down in the next few months while volatility is likely to rise.

“So we have overweight positions in defensive sectors such a health care, but we also like the energy sector in addition to that,” said Tepper. (Scroll down to see his full picks.)

In the meantime, Hugh Johnson, chairman and CIO of Hugh Johnson Advisors, said despite the recent pullbacks, this is merely a correction in an "ongoing bull market.”

“You should use this weakness to add to long positions,” advised Johnson. “[But] it’s not quite the right time to put money into the market—the technicals have got to get better.”

Johnson Likes:

Hasbro

Apache

United Tech.

Texas Instruments

Tepper Likes:

Guggenheim China SmCap

IShares S&P 500

IShares DJ US Energy

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Scorecard—What They Said:

• Johnson's Previous Appearance on CNBC (Mar. 24, 2011)
• Tepper's Previous Appearance on CNBC (Mar. 8, 2011)

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More Market Intelligence:

• Cramer's View of the Market Is Now 'Grim'

• Buy the Dips—Markets Are 'Long and Strong': Strategist

• Markets to Continue Grinding Higher: Strategists

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CNBC Data Pages:

• Dow 30 Stocks—In Real Time
• Oil, Gold, Natural Gas Prices Now
• Where's the US Dollar Today?

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CNBC Slideshows:

• The World's Highest Tax Rates

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Disclosures:

Tepper, his family and firm are long HAO, IVV and IYE.

Johnson and his firm own shares of HAS, APA, UTX and TXN.

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Disclaimer