Stocks have hit a bump. Interest rates are rising, there's uncertainty about when the Federal Reserve will ease up on the monetary stimulus, volatility in Japanese markets is rattling investors worldwide and U.S. economic growth remains sluggish.
But some market participants see this pullback as an opportunity for investors to get into economically sensitive areas of the market, such as technology.
Alison Deans of Varick Asset Management warned that there could be more weakness for stocks over the next few months but said that cyclicals are a place investors will want to be longer term.
"My feeling is there will be a leadership change," she said. "As we start to see the economy pick up, corporations are going to start reinvesting capital, consumers are going to start spending more money. So, I think those industries are more economically sensitive."