Jeremy Siegel, the Wharton School finance professor, urges savvy investors to remain calm and ignore warnings of imminent doom and gloom.

There are "a lot of momentum players" in the stock market, but overall they're not driving the action like they did in the 1990s before the dot-com bubble burst, Siegel told CNBC.

The stock market is "very fairly valued" at current levels, the longtime bull argued, proclaiming he doesn’t see the market in the danger zone for overheating.

"Stocks are still the place to be for investors," Siegel said, predicting gains of about 7 percent annually. The S&P 500 was up about 7.8 percent for 2017 as of Thursday's close.

"I just looked up the P-E ratio of the tech sector on estimated 2017 earnings of the S&P 500. It's still under 20," Siegel said.

"We have Amazon. We have Netflix. We have a few of those that are really over 100" in their price-to-earnings ratios, he acknowledged but pointed out Apple's P-E ratio is still under 20.

"Back in 1999, the tech sector of the S&P 500 had a P-E ratio of 90," Siegel pointed out. "Are we in danger of overheating? There's always that danger. But are we in a danger zone yet? I don't think so."

Meanwhile, Siegel said "U.S. citizens are underinvested abroad."

"We economists have talked about it. It's called the home equity basis," he explained. "People just feel uncomfortable investing abroad. By the way, that's true around the world."