Zachary Karabell, head of global strategy at Envestnet, agrees a correction is not in the making.
"Unless you have some very evident trigger factor, what's going on right now is largely a trading, probably an algorithmic phenomenon, and some hold over from the ripple effect of Asia's trade today," said Karabell, also a CNBC contributor.
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Chinese exchanges and regulators announced Friday that they would crack down on over-the-counter margin trading and that they would allow fund managers to lend shares for short selling.
Karabell noted that the news came out after the Asian markets closed.
"If you are trading in that environment and you're looking for some kind of liquidity you had to go to foreign markets to get it," he said.
Williams has been overweight Europe and likes Germany and France.
"Valuations [are] still pretty reasonable. European earnings, in aggregate, look to be about 15 percent this year. They've got a little bit of a foreign exchange tail wind along with an economy that is improving," he explained.
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On top of that, the quantitative easing that is underway will boost stocks, Karabell said.
"Even if you are legitimately skeptical about some of the underlying fundamentals of the European structural issues, pensions, growth, you do just have this very accommodative system," he said. "As we saw in the U.S. ... an accommodative central bank is a very good recipe for equities to go up."
Karabell also likes U.S. stocks, particularly large caps, which he thinks will do better because of stock buybacks.
—CNBC's Everett Rosenfeld and Jennet Chin contributed to this report.