'Closer to the end' of selloff: BTIG strategist

Buy the chip dip plays
Buy the chip dip plays   

The end—of the selloff in stocks—is nigh, BTIG Chief Strategist Dan Greenhaus said Friday.

"There has been a noticeable change from yesterday afternoon through this morning about how clients are approaching their 'buy' orders," he said. "It seems like the seriousness, the aggressiveness with which those 'buy' orders are being placed has picked up recently."

U.S. stocks traded mostly lower, with tech bearing the brunt of the selloff after a lowered sales outlook from Microchip Technology.

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Market bright spots
Market bright spots   

On CNBC's "Halftime Report," Greenhaus acknowledged that it was tough to call the "big one" in corrections, but he sounded a note of optimism.

"There's a lot coming together that makes us think that perhaps we're closer to the end than the beginning of this decline," he said.

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Greenhaus said that he saw a sign in small-cap stocks.

"There's a lot in terms of the Russell that looks like you're probably getting close to a bottom," he said. "Seventeen percent—just 17 percent—of the Russell 2000 stocks have been trading north of their 50-day moving average. That is an incredibly low level and one that, more or less, has been associated with bottoms in the past."

Rosecliff Capital's Mike Murphy said that he liked Micron.

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"I don't want to keep banging the Micron drum," he said, adding that "from peak to trough you have a 20 percent pullback in the stock."

OptionMonster's Pete Najarian questioned the reaction to bad news from Microchip, noting a 2 percent year-to-date gain in the stock and 13 percent short interest.

"So, why are we so concerned about this Microchip call?" he said. "Intel's an opportunity under $32."

Disclosure: Murphy does not own MU and Najarian does not own INTC.