Mike Binger, senior portfolio manager at Gradient Investments, thinks the market will "chop around for the rest of the year," before ultimately giving a high single-digit return for 2014.
However, he thinks earnings will go up and the economy will continue to recover in 2015 and 2016.
"I think the trajectory of earnings is for growth and I think the market is going to revalue itself on '15 and '16 earnings and on those forward earnings, the market's not that expensive right now," Binger said.
So where should investors put their money?
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Tepper is putting Coca-Cola on his shopping list, despite the soft drink giant's disappointing earnings earlier this week.
"Now, because of the recent pullback and their rough earnings miss, [Coca-Cola] is back on our radar. We do think that the long-term potential of Coca-Cola is really positive," he said.
He also likes Baxter as a medical equipment play and Southern Company as a utilities play.
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Google is one of Binger's top picks.
"You have 15 percent-plus earnings growth. You have 15 percent-plus sales growth. They have a monopoly in search. They have a monopoly in mobile, in video, 40 percent operating margins, $80 in cash per share on the balance sheet," he said. "You get all this in 18 times earnings. Just go ahead and buy this thing."
He also likes Ensco as a "deep value play" and Intercept Pharmaceutical.
—CNBC's Jackie O'Sullivan contributed to this report.
Disclosures: Tepper does not own Coca-Cola, Baxter or Southern Company. Binger does not own Google, Ensco or Intercept Pharmaceutical.