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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."

Read More High-yield bond market not at risk: Pimco CIO

Those comments, along with concerns over Greece, weighed on the market Wednesday. The Dow Jones industrial average close down nearly 1 percent.

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.

Greece a 'buy-buy' scenerio

Meanwhile, when it comes to Greece, both Bouroudjian and Polcari agree that however the debt situation ends, it will be an opportunity for investors.

Bouroudjian called it a "buy-buy scenario."

"If it were to leave the EU, then you wait and count to 10 and buy it. If they strike a deal you buy it right away," he said.

"Greece is not a Lehman Brothers event. It's more akin to having your brother-in-law living in the basement, freeloading off of you."

The collapse of Lehman Brothers in 2008 is what triggered the financial crisis.

Polcari noted that while there may be some initial pressure on the markets if Greece defaults, in the end he believes it will be a huge buying opportunity.

No agreement was reached between Greece and its creditors during a Eurogroup meeting Wednesday, with creditors rejecting the Greek government's plan to end its financial crisis. Talks are expected to resume Thursday.

Read More The Greek debt drama's deep secret

Stephanie Link, portfolio manager at TIAA-CREF and a CNBC contributor, said while uncertainty about Greece and macro events are weighing on the market, the problem in the near term is that investors are waiting to hear from companies. Earnings season kicks off in a couple of weeks.

"We feel better once we learn more and we can get our arms around where earnings are going to go and the impact of the dollar and lower oil and all of these conflicting issues," she said.

In the meantime, she thinks investors can take comfort in the fact that there has been some recent positive economic data.

While there has been some disappointment, "generally speaking it's not gloom and doom," said Link.

—CNBC's Reem Nasr and Everett Rosenfeld contributed to this report.