While activist investor Carl Icahn warned Wednesday that the market is "extremely overheated," several pros disagree when it comes to the equity market.
"We're in a sweet spot," Ladenburg Thalmann Asset Management CEO Phil Blancato said in an interview with CNBC's "Closing Bell."
"You have moderate growth, you've got low inflation, an accommodative Fed, and a consumer that gets stronger every single quarter."
Earlier in the day, Icahn told CNBC that he felt it was his duty to warn investors that they may be walking into a trap like they did in 2007. He particularly thinks the high-yield bond market is overheated.
Many companies are selling at huge multiples and reporting earnings that are "sort of fudged" due to various accounting methods, he said.
"I do think you are going to have a dramatic pullback, certain things may happen," Ichan told "Fast Money Halftime Report."
While veteran industry insider Jack Bouroudjian agrees certain high-yield debt is looking "toppy," he doesn't believe there is any comparison between what happened in 2007 and what's happening today in corporate America.
"You're talking about a corporate balance sheet that is so much healthier than ever before," the CEO of Index Financial Partners and CNBC contributor told "Closing Bell."
O'Neil Securities Director Kenny Polcari also isn't concerned about the equity market, and doesn't think there is going to be a "panicky sell signal."
"If we get a 5 or 7 percent pullback, that's just a pullback well within a normal trading range, nothing for anybody to panic about at all," the CNBC market analyst said.