Are market conditions cataclysmic?

While the Street debates the chances of a recession, some market watchers are deliberating the type of correction the market is in.

Corrections that do not precede a recession are a buying opportunity, and in this scenario, equities will pare most losses in about eight months, Glenmede's Jason Pride said Wednesday on "Closing Bell." However, if the correction is a precursor to a recession then there are more lows to come, he said.

The director of investment strategy pegs current market conditions at the expansion phase of the business cycle. Nonetheless, he contends that this expansion phase is risky business that could lead to a "more difficult scenario."

"The economic signals are a little more marginal than the last correction that we saw July/August," Pride said. "The manufacturing sector is weak, we are seeing China and we are seeing energy."

Deutsche Bank's chief U.S. economist, Joseph LaVorgna, said recently that the chances of a recession, although most likely a shallow one, are at 40 percent. The results are higher than a recent CNBC Fed Survey, where found the probability of recession at 24 percent.

Dani Hughes, Divine Capital founder and CEO, is not too concerned with the possibilities of a looming recession.

"I don't care about that," she said Wednesday on "Closing Bell." "I'm a very long-term player." Hughes stated that her firm likes sectors that are "beat up."

"In particular energy and financials," she noted, adding that Divine Capital likes "looking at areas of the market globally that have been so beat up ... and [those] that [the firm] know[s] are ultimately going to lead to some upside."

The financial sector is down about 12 percent, and it's currently the worst performer on the S&P 500 and the only sector with a double-digit loss year to date.

Energy gained about 4 percent Wednesday, as WTI rallied 8 percent. The gains were attributed to a weaker dollar and hopes of possible talks between Russia and OPEC to cut production.

Stock Picks

In energy, Hughes first pick is BP. The company recently reported its worst annual loss in 20 years, amid the global crude glut.

In financials, Hughes likes MasterCard and Cincinnati Financials.

"[MasterCard] doesn't take any risk; we think that over the long term we think that people are going to continue to use MasterCard," Hughes said, adding she likes that Cincinnati has been increasing its dividend for the almost 55 years.

Cincinnati and MasterCard stocks were both up Wednesday.

— CNBC's Patti Domm contributed to this article.