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Why this may be a golden opportunity to buy bank stocks

As earnings season gets started, traders will be keeping an eye on financials, as several of the largest banks release second-quarter earnings.

JPMorgan and Wells Fargo are set to report earnings Tuesday, followed by Bank of America on Wednesday and Citigroup and Goldman Sachs on Thursday. Reports from regional banks US Bancorp, PNC Financial and SunTrust are also on tap.

According to Curtis Holden, senior investment officer at Tanglewood Wealth Management, the results could be rough.

'We're not looking for real great news out of the banks, with all the disruptions that you've seen in the international markets in recent months. We think there's going to be a lot of pressure there," Holden said Friday on CNBC's "Power Lunch."

Read MoreBanks to kick off another sloppy earnings season

Indeed, bank stocks just finished a rough week, with the S&P 500 industry group falling 1 percent. Still, over the past three months, the banks' 5 percent rally actually makes them the best-performing group. And some see the recent weakness as a rare chance to buy.

"We think we can take the banks to the bank," said Craig Johnson, senior technical analyst at Piper Jaffray, also on "Power Lunch." "We think this pullback is a great opportunity. ... These are things we should be stepping up to and buying today."

Holden also thinks that banks are set to perform well in the future. He said housing and auto sales are strengthening, which will eventually mean more loans and more underwriting fees for banks.

"If you look forward a quarter or two, we think you've got some real positives," Holden said.

On the whole, analysts expect second-quarter earnings for the S&P 500 to fall by 4.4 percent year over year, according to FactSet.


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