The Dow hit a new record high last Wednesday, after the Fed kept language in its statement that signaled it plans to keep interest rates low "for a considerate time" after it ends its bond-buying stimulus program.
However, Pavlick said the economy is improving, and noted that analysts are expecting 4.6 percent GDP when the report is released later this week.
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"If you're looking out going forward, you expect to see that economy continue to move ahead," he said.
Jack Ablin, chief investment officer at BMO Private Bank, said he thinks the Russell 2000 still has a lot further to go to the downside. The only area he'd look to commit new cash is perhaps U.S. large caps and frontier markets.
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"I'm just looking for bargains and there just aren't that many great bargains right now for cash," he told "Power Lunch."