This is an investment opportunity: CIO

Is there still hope for a late 2016 rebound?
Is there still hope for a late 2016 rebound?   

While the bears cry 2008, the bulls are calling this not-for-the-faint-of-heart global markets volatility an opportunity.

"The markets are going to continue to do what they do well, which is cycle through the fear and greed cycle and when we hit despair is usually the time when we start to see opportunities," Nancy Tengler, Heartland Financial's chief investment officer, said speaking to CNBC on Friday.

Hitting fresh lows, U.S. crude dipped under $30 a barrel during intraday trading, and the internationally traded Brent traded under $29 a barrel.

Still, "The odds are good given the levels we are coming off of as of right now, and also against the marginal moves in oil and the dollar," she told "Power Lunch."

In this market environment the firm has taken an interest on large-cap integrated oil stocks, recently upgrading some oil giants to marketweight. Tengler considers that soon enough the firm will upgrade companies such as Exxon Mobil Corp. and Chevron Corp. to overweight.

"Oil went from $2 a barrel to $60 a barrel in the '70s; from $5 to $50 in the '80s," adding that this type of cyclicalities is what the price of oil and oil stocks do.

Energy stocks are not the only sector that experts are looking at; financials are also "interesting," Tim Ng, Clearbrook Global Advisors CIO, told CNBC.

"We are seeing stocks even though they are down quite substantially today," he said. "The rise in interest rate will help generate interest margins for them, as interest rates rise and normalize."

St. Louis Fed President James Bullard, who is usually considered hawkish, made dovish statements about the economy on Thursday; this lead to speculation on the Street that the Fed will be moderate in raising rates.

CNBC's Patti Domm and Evelyn Cheng contributed to this report.