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After last week's rout, Wall Street is wondering whether a summer selloff could be at hand. To some market observers, though, the week ahead will probably just be a bit messy.
"I think the markets acted very, very well until the month of July when it started getting sloppy," said Bob Doll, chief equity strategist at Nuveen Asset Management. "For years, it feels like, we've been asking the Fed to get a little more GDP, a few more jobs and a little more inflation. And guess what? We're getting all three and I think the market's saying, 'OK, what's next?' "
There are no major economic reports due Monday, though there are a handful of key reports later in the week including the ISM services index, the June trade deficit and the weekly jobless claims numbers from the Labor Department.
That uncertainty could spark some selling, Doll said.
"I don't think we have big downside. That would require down earnings, recession. We're not going to get that, but a period of sloppiness is probably ahead of us," Doll said on "Squawk Box. "
If anything is going to spook investors, it will likely be the mounting geopolitical tensions, economist Bob Barbera told CNBC.
"If you go from Syria to Iraq to the Gaza to the Ukraine, there's a lot of things to worry about," Barbera, a fellow at Johns Hopkins University, said on "Squawk Box."
Going forward, Doll recommends investors consider large-cap, U.S. equities, which have so far lagged other assets. It's a stock pickers market, he said. So long as a company can deliver on earnings, its stock will be OK, Doll said.
Read MoreNever, ever do this, says Cramer
—By CNBC's Drew Sandholm. Reuters contributed to this story.