Longtime stock market bull Tom Lee has kept his optimistic outlook intact after Monday's brutal selloff.
In fact, he's telling investors to prepare to buy the dips after the selloff, and some of the best price-to-earnings discounts can be found in the companies most exposed to emerging market currencies, said Lee, JPMorgan Chase's chief equity strategist, on Tuesday during an interview with CNBC.
They should also prepare for modest losses if the selloff continues after Tuesday's slight rebound, Lee said, adding that a deeper crisis doesn't appear imminent. Lee said some of the stocks that saw the biggest declines Monday and last week now present the biggest discounts in years.
"A lot of people, when markets are down, have a hard time buying," Lee said on "Squawk on the Street." "So what you have to be willing to do is buy and be willing to take a bit of draw down or some selloff here."
(Read more: Stocks gain after bloody Monday)
A combination of concerns over emerging market currencies, the Fed's stimulus pullbacks and questions over lackluster U.S. economic data caused a much-worse-than-expected January on major stock market indexes, leaving market observers to question whether 2013's record gains could continue into this year. Stocks saw a modest rebound just past noon Tuesday.
Lee said lower gasoline prices and favorable interest rates will help drive growth at a household level, which will lead to improved economic data. He cautioned investors that the markets have not reached a "turning point" just yet, and that he would have to re-evaluate his thesis if the global economic picture worsens.
"It's always good to be a bit contrarian when you do see a lot of headlines like that," Lee said. "I actually think it's pretty encouraging."
(Read more: Markets fear economy slowing)
Stocks seem to have edged closer to the bottom of the selloff that caused the worst day on Wall Street in months, including a more-than-300-point drop in the Dow, two market professionals told CNBC on Tuesday.