Sell in April, buy in May: Expert

While April has typically been the market's best-performing month, this year will probably be different, Index Financial Partners chief investment officer Jack Bouroudjian said Wednesday.

"This market has been so counterintuitive over the course of the last five years, and I think right now we have to be counterintuitive with our thinking," he said in an interview with "Closing Bell."

"This is going to be an April to sell and a May to buy."

Bouroudjian believes the market is currently overextended and is due for a correction, likely 5 to 10 percent.

"There are a lot of headwinds, one of which is the fact that we're in a quiet period and companies can't buy back stock anymore. They've really been the ones that have been holding up market in a lot of cases," he noted.

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However, once that correction comes, he believes investors will get a real buying opportunity.

"This is a spring that is wound up and when it unleashes you're going to see a second half of earnings and revenue growth that is going to surprise a lot of people," Bouroudjian said.

Meanwhile, Mark Okada, chief investment officer of Highland Capital Management is expecting a bumpy ride for the market until the Federal Reserve starts raising interest rates.

"There is just a palpable lack of confidence across all parts of the economy. It's not just investors, it's people that are putting money to work all different ways," he told "Closing Bell."

"Until that liftoff happens, you're not really going to see a direction that reflects what's going on or what really should be going on."

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Right now, Okada said it's a bad time to be an investor but a good time to be a trader. He thinks there is opportunity in health care, specifically insurers and medical device managers, as well as energy.

Overall, he thinks valuations are high.

"It's going to be struggle for the equity market really to keep moving higher from here, especially if you are taking earnings down for the next two or three quarters," he said.