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Does market volatility actually have a silver lining?

Starting the year cool, calm and collected is probably a reason why any and all news is causing the markets to fluctuate on such a consistent basis. That is what Jim Paulsen, chief investment strategist at Wells Capital Management, told CNBC's "Street Signs" on Thursday.

He added that high valuations, a possible rate hike by the Federal Reserve later this year and too much positive sentiment, "make the market more vulnerable than it would have been a year or two ago to any news item" like oil.

But Paulsen said all this volatility could actually have a silver lining.

"If we have a year of volatility and flatness, maybe valuations come down and we get the Fed in the game," he said. "We can readjust sentiment and maybe set up another run for 2016 and beyond."

Paulsen is in the weak dollar camp. He told CNBC that the United States has been pumping the global economy with low oil prices and that could mean more growth later in the year.

"We have delivered to the globe a simultaneous massive fiscal tax cut in the form of lower energy prices and I know it's going to hurt the producers, but there are far more consumers in the world that are going to benefit," he said. "We gave everyone the equivalent of a massive quantitative easing last year."