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Start of correction? No, say experts

Two pros agree, normal earnings volatility

Stocks plunged Friday, and that had some predicting it was the start of a correction. However, two pros told CNBC they didn't think that was the case.

The markets traded sharply lower after a global decline in equities on new rules for trading Chinese stocks as well as renewed concerns over Greece.

"Most corrections start because of fears over recession. Europe is in a recovery mode, a little bit of one, and the U.S., although it's slow and choppy growth, is still relatively steady," USAA Investment Solutions' chief investment officer, Bernie Williams, said in an interview with "Power Lunch."

Instead, he believes this is normal volatility associated with earnings season as well as the market trying to digest when the Federal Reserve might raise interest rates.

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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.

Read More S&P to start its correction today, analyst warns

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.

Read More Perfect storm for market correction: Expert

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.