Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, agrees.
He said, "20 percent corrections around recession — I don't see that happening. I think what's going on here is more volatility and it's a blackout period so there's not a lot of stock buybacks going into the quarter."
Slimmon sees opportunity in value stocks such as financials and industrials. While they've been hit recently, he expects "pretty good" quarters. He would avoid interest rate-sensitive stocks, which have had a pretty good rally.
As for the drop in big tech names, Slimmon told "Power Lunch" it just points to a trade that is "crowded."
He ultimately anticipates a high single-digit return for the stock market this year.
On Monday, tech shares tumbled on fears about possible regulation. Concerns about a possible trade war also weighed on the minds of investors.
In response to the U.S. steel and aluminum tariffs, China announced overnight Monday it had implemented tariffs on 128 types of U.S. imports.
However, Vogelzang doesn't think tariffs will have a big impact on earnings unless things "spiral out of control."
"It's really, how do you knock the global economy off of its rail, and I don't think that's going to happen with the little bit of saber-rattling and probably a little posturing and negotiating on the part of our current administration," he said.
Jack Ablin, chief investment officer at Cresset Wealth Advisors, called the tariffs' impact a "contrived crisis."
"This is not a meteor coming at the Earth from outer space. If this were to really fall apart, we could simply reverse some of these policies and move forward," he said on "Power Lunch."
"Given that we've got this natural growth of earnings and natural growth of revenues that's going on in the backdrop, my sense is that some of the rhetoric will get ultimately toned down," he added.
Brian Belski, chief investment strategist at BMO Capital Markets, said part of the problem for stocks is that there is a news vacuum right now as the market waits for earnings to come out.
"Companies need to come out and talk about how good their operations are and calm some of these fears," he said on "Power Lunch." "The recession is nowhere near, ... growth is real and the economy continues to expand."
— CNBC's Fred Imbert contributed to this report.