Despite European turmoil that's not going to subside, a heady rally is coming as many stocks are oversold, says David Murrin, chief investment officer at alternative investment firm Emergent Asset Management,

"Going forward, you don’t want to be short on markets; even though I think Europe will go through some cataclysmic changes, it’s all about timing markets wisely," Murrin tells CNBC’s “Worldwide Exchange.”

Greece is teetering closer to exiting the euro, although European stocks and German debt have traded amid relative calm sessions, as political uncertainty in Athens has largely been priced into trading strategies.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

May 6 elections in Greece failed to give traditional political parties New Democracy and PASOK enough power to create a coalition government, and fears are growing that a new ballot on June 17 will thrust enough politicians from the leftist Syriza into power, who oppose austerity terms tied to bailout payments.

Rejecting austerity measures such as spending cuts and tax hikes could result in a halt to rescue funding and Greece exiting the eurozone, pressuring Spain and others to follow suit.

Still, investors need to step back and remember the overall European debt crisis isn't new and that share prices have taken a beating that many don't deserve.

"This crisis is a multi-year crisis and it goes through phases of intensity and we’ve been through one phase where the markets have pushed themselves to a point and now we’ll have a relief phase,” Murrin says.

Still, fears of a Greek exit from the eurozone have market watchers on edge.
While markets could handle a Greek default, similar moves in the larger Spain and much larger Italy could send shockwaves worldwide.

"There is considerable uncertainty surrounding just how severe the impact on the global financial system could be," says Paul Ashworth, chief U.S. economist for Capital Economics, according to CNNMoney.

"The exit from the eurozone of one or two of the smallest countries may not be disastrous, but a disorderly break-up of the euro that includes either Spain or Italy could well be."

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here