However, the market strategist added that he expects most earning will either meet expectations or beat them. And although he's going to cash right now, presumably in anticipation of more weakness to come, Peroni added that he intends to remain, what he called, "opportunistic."
"I think we put in a bottom in the next few weeks," he said. "It could (happen) at the height of the earnings season; that could deliver the last drag down."
Street pro Darin Richards of AKT Wealth Advisors is perhaps a little more skeptical. "We just started raising cash. The VIX and Treasurys show that the market is nervous. We're looking for validation from earnings that the market is OK."
Both pros, however, see opportunity. Peroni said, "I like energy here. I think it's getting oversold. I'd take advantage of weak energy stocks. Also, I like tech and health care and I'd watch mid-cap industrials looking for a sign of a real turn."
Richards, however, is bullish on technology. "I don't think the strong dollar will hurt tech too much," he said. "And I still like emerging Asia."