Morning Call: Should The Correction Have Gone Further?

After a volatile couple of weeks, the markets appear to be settling a bit. But should the correction have gone further? CNBC's "Morning Call" asked two market pros to offer their thoughts.

"I would like to see another 3 or 4% (decline) and make it a full 10%," said Harry Clark, president and CEO of Clark Capital Management Group. "We might not get it now, we didn't get it last year and we might not get it this year, but the market does look OK here. There's a lot of money out there, lot of money chasing stocks still. So we might not get a deeper correction yet."

Ned Riley, CEO of Riley Asset Management, said the bears have been saying stocks are overvalued for two to three years now.

"I'm not sure where they get the idea that we need a correction. Just because the market has gone up doesn't mean that we're overextended," he said. "Valuation in the market is still very reasonable at 15 times earnings. When we look at the other things--speculative issues, IPOs are not busting out on the upside. Prices are going down in the IPO market."

"Every time the market goes higher they say we got too much risk in the market, but it doesn't concern me," said Riley. "I'm glad the bears are out there to give some sanity and semblance in the marketplace."