Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors, told CNBC’s “Power Lunch” that the market faces a short-term valuation problem.

“I think it’s a general concern among professional investors" that the market has come "a little far, a little fast and we’re faced with a little bit of a valuation problem on a short-term basis,” Johnson said Wednesday.

He said the market confronts many risks, including higher oil prices, the housing slump and the possibility that the Federal Reserve might raise interest rates.

But Craig Hodges, portfolio manager at the Hodges Fund, remained optimistic despite the risks.

“I love the way the market acts,” Hodges said. “It seems to be very resilient. It’s had a lot of excuses to go down. The housing, the higher energy prices and the interest rates ticking up -- but the market seems to struggle with it for a week or two and shake it off. We’re real encouraged by how the market acts.”