Power Play: Volatility will return, but don't worry

NYSE Trader talking
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Market volatility has abated, with the "fear index" or VIX sitting near the lowest levels of the year.

Envestnet Head of Global Strategy Zachary Karabell tells CNBC's "Power Lunch"on Thursday fear will return to the market at some point, but investors should not be worried.

"Unless there is very clear evidence of some fundamental deterioration in China, U.S. or global fundamentals, investors would be advised to remember that each bout of intense volatility in the past year has passed within weeks," Karabell said.

The main drivers of volatility, oil and commodities prices, appear to be settling down and that's good news for stocks.

"Upward drift more likely than downward for now," Karabell said.

The VIX is up more than one-percent during trading, but is down 24 percent year-to-date.