Wait for a bigger pullback to start buying stocks, Stephen Weiss of Short Hills Capital said Friday.
"Where you make money, and how much money you make, is determined by your point of entry," he said.
"I still believe the point of entry is too soon for stocks right now."
"We're only down 5 percent from a market that's just been rip-roaring. That's just not enough, given how the game has changed, given Bernanke's press conference and the new forecast that came out of the FOMC meeting," he added.
"So, I'd wait. I'd be patient, and when it does clear, I still think we're going to see a great 'buy.'"
TheStreet CIO Stephanie Link saw clearly what needed to happen: "Bond market needs to settle. That is absolutely what's driving the overall market right now."
Link said that if bond yields continued to rise – "but at a slower pace" – stocks could do well.
But if rates pop as they have over the past month, that's a sign of volatility, she added.
"When that happens, we can focus on earnings, which I think will be pretty good," Link said.
Defensive stocks were "getting hammered," she added, and were on the radar screen.
"But we're too early yet," Link said.