The conflagration is Syria is being underestimated by the stock market, Alec Young of S&P Capital IQ said Wednesday.

"I don't see Syria turning into a broader, long-term conflagration. I think any Syria volatility would be a buying opportunity," he said. "But right now the tape's very overbought, and it's vulnerable to getting whacked again once we start to see some foot-dragging from Putin and his buddy al-Assad."