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."
The possibility of a U.S. strike against Syria appeared less after an offer from Russian President Vladimir Putin to put pressure on Syrian President Bashar Assad to place his government's chemical weapons under international control, Reuters reported.
On CNBC's "Fast Money," Young noted that the market was above where it was before the situation in Syria escalated.
Young said that he still expected the S&P 500 to hit 1,780 in September, but was cautious on the broader market.
"I think all things considered, this isn't a great time to put new money to work, especially in emerging, and I was a bull there," he said.