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Market Fears Overblown: Expert

Prolonged volatility and continuing fear in the market has some investors worried that another 2008 might be in sight. On the "Halftime Report" today Citigroup Chief U.S. Strategist Tobias Levkovich said he thinks these fears are overblown.

The "extremely negative narrative" that investors have adopted is not warranted since none of the fundamental data points to a 2008-like recession, argues Levkovich.

One reason behind his more positive take is the banks--he notes that they are better capitalized today than they were in 2007-2008.

Only time will tell, but for now Levkovich thinks there is no reason to believe the world and markets are going off the edge.

Trader disclosure: On February 12, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Josh Brown: Long AAPL, BABA, DE, DNKN, JMBA, LOW, LNKD, SAM, SHAK, SPWR, TWTR, XLE, XON

Steve Weiss: Long AAL, C, CVC, VIAB. Short FCX

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO,DIS, EEQ, GAIA, GM, INTC, JCP, KMI, MPC, OA, ORBC, PFE, QCOM, QRVO, SPLS, TIF,TRN, WGO