"Shark Tank" investor Kevin O'Leary, chairman of O'Shares Investments, also sees the possibility of a correction as people keep a close eye on President-elect Donald Trump's policies once he takes office,
"We're not going to trade in the new year on Q4 earnings. We're going to trade on the pace at which Trump can ram through changes on regulation, on energy deregulation, and on changes to corporate and personal taxes," he told "Closing Bell."
"If any of that gets slowed down, it won't matter what the earnings in Q4 were, you've going to see a major correction sector by sector," he added.
Meanwhile, Tom Lydon, president of Global Trends Investments and editor of ETFTrends.com, sees bullish signs in the market for exchange-traded funds. The industry had a record year of inflows, with almost $300 billion going into ETFs, he told "Closing Bell."
"It doesn't seem to be slowing down anytime soon," he said. "The appetite's there; 74 percent of advisors just told us two weeks ago that they plan on adding more money into ETFs as we go into next year, fueling the bull market in stocks and bonds."
If there is a correction, he suggests hedging on currency and higher interest rates, as well as staying diversified.
Veteran trader Art Cashin, UBS director of floor operations at the New York Stock Exchange, is expecting a lot of volatility in 2017.
For example, he thinks the Federal Reserve isn't going to hike interest rates right away. The central bank had indicated in December it may raise rates three times next year.
"They want to see what the new administration is going to propose, how likely are they to get it done early. So I think we'll have some ups and downs," Cashin said in an interview with "Closing Bell."
— CNBC's Melody Myers contributed to this report.
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."