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Market Pros See Opportunity In Today's Stock Selloff

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Is the stock market correction finally here, and if so, what will it look like?

CNBC asked two market experts for their take on today's big selloff.

"We think this correction is long overdue," Michael Chren, portfolio manager of the Allegiant Large Cap Value Fund, said on CNBC's "Morning Call" on Tuesday.

Chren said this is an opportunity for people to move away from risky stocks.

"We've been moving money into higher quality large cap names for a period of time now, we would urge investors to do the same," he said. "We're in the camp that there is a higher probability for a recession than most people think."

But Chren said a pullback now is probably good news for stocks. "We'll get a correction and move to higher quality assets," he said, "its more of a win-win looking at the next 12 to 18 months."

Tony Dwyer, equity market strategist with FTN Midwest Securities, told clients on Monday they expect a potential near-term correction of 5%.

"It's going to be a couple of nasty weeks," said Dwyer. "The problem that we get into is that we get these market corrections and then get into a panic situation."

However, like Chren, Dwyer said the long-term outlook is still positive so short-term declines could prove to be a buying opportunity.

"The economic environment doesn't change overnight, things are pretty good," he said. "We're looking at 15% upside in the S&P."