He pointed out that while the plunge is unusual in the context of the last four years, it is actually normal for the market to go negative at some point in the year.
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Lacamp believes bond prices will stabilize and breadth, which is a measure of the number of stocks going up versus those that are going down, will improve.
He said investors should look at popular names that have been hammered in the recent rout, noting that "we've seen a lot of babies thrown out with the bathwater."
In fact, that was one indicator he was waiting for as an indication of when the selloff may abate.
"Investors are going to have to get used to a stock picker's market rather than a buy all the indexes all the time market that we've seen over the last few years," he said. "So use this selloff to buy some of those leaders off of their highs as they correct."
He specifically thinks health care will continue to see growth, as well as certain tech names.
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Chad Morganlander, portfolio manager at Stifel, told "Squawk Alley" while he wouldn't call the plunge "panic selling," he expects a readjustment of 5 to 15 percent in the market.
Therefore, he'd wait for "seams of opportunity" and be a little more pragmatic when it comes to buying stocks.
"We would move up the quality spectrum. Get out of the speculative asset classes that you've enjoyed," he told "Squawk Alley."
"The high flyers—stay away from them. Go to the companies like Dr Pepper, Hershey's, the boring of the boring."
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—CNBC's Christopher Hayes contributed to this report.
Disclosure: Chad Morganlander's possible positions in Dr Pepper and Hershey were unavailable.