Market has nasty feel, but this is not the final song: Trader

The market had a real "nasty feel" to it Monday, but any move lower could still be a buying opportunity for the long-term investor, trader Ben Willis said.

"I'm still bullish. I don't think this is the final song by any means," the managing director for Princeton Securities said in an interview with CNBC's "Closing Bell" on Monday.

This week's Federal Reserve meeting and the upcoming U.K. vote on whether it will leave the European Union weighed on investors Monday, with the Dow Jones industrial average closed down about 132 points.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 21 for the first time since Feb. 25.

Employees clean up trash on the floor of the New York Stock Exchange.
Daniel Acker | Bloomberg | Getty Images
Employees clean up trash on the floor of the New York Stock Exchange.

Jim Lowell, chief investment officer for Adviser Investments, believes the June 23 vote by the U.K. to leave the EU could create some real near-term havoc on the markets.

"The Brexit issue will go one way or the other, sooner rather than later, creating some good near-term buying opportunities based on fear," he said in an interview with "Closing Bell."

If the vote is to stay in the union, he expects the Federal Reserve to hike interest rates based on the fundamentals in its July meeting.

Meanwhile, Jack Bouroudjian, co-founder and director of UCX, called negative interest rates around the globe a "cancer."

"Right now, central bankers and bankers alike are staying up at nights absolutely worried about this negative interest rate environment, wondering how long it's going to take, because quite frankly people are hoarding cash," he told "Closing Bell."

"They're looking for ways to preserve capital. None of this is working. …We're not seeing any inflation stoke up. Nothing the central banks want is happening."

— CNBC's Evelyn Cheng contributed to this report.