It's not all doom and gloom though, according to Schiffer. He said he sees opportunity in the growth of wearable devices and also in Amazon, whose stock doubled in 2015.
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Scott Kessler, an equity analyst at S&P Capital IQ, told CNBC that market watchers are mainly focused on companies with indirect exposure to China, such as Apple, Samsung or Qualcomm.
"People are wondering about less obvious, indirect exposure to China, but are looking up and down the supply chain," Kessler said Thursday in an e-mail to CNBC.
For investors not tied up in tech stocks, however, Schiffer advised them to steer clear for the time being. For others, he advised to look for "underlying forces" behind specific companies, like those in the growing wearable or drone markets.
"You want to go with the real strong companies, like an Amazon or companies that really have strong underlying forces," he said, adding that stocks without those forces will be "in for some pain."