He also said the economic stimulus package should start kicking in during the second quarter as government checks start going out in May. The stimulus could add a percent to GDP in the second, third, and fourth quarter, and if there is a recession it would be very short and mild.

"I think stocks are looking cheap here. This is a good time for investors to keep their nerve," he said.

Getting Technical
You may be noticing more technical analysts on CNBC these days. As BlackRock's Bob Doll told us recently, in a market like this, everybody turns to their technician. I took him to mean a market that lacks logic and is unclear about fundamentals. And quite possibly, if you go with your gut, you'll be wrong. So bring on the technicians.

"Squawk on the Street" brought on Scott Redler, chief strategic officer with T3 Capital chief strategist