The bad news: There's going to be a lot more bad news. The good news? Bad news has been priced into the market, says John Buckingham, chief portfolio manager at Al Frank Asset Management.
"Things have stabilized a little bit," he told CNBC. "One of the big things was mortgage rates coming down considerably." (Experts say: Refinance now!)
So, he says, it's time to invest in equities — carefully.
"I know it's going to be choppy going forward, but these are the times when the great opportunities are created, provided you have a strong stomach, and you are a long-term-oriented investor," he said.
Where does he see those great opportunities?
"I like the big money-center banks," he said. "For the long term, you always want to focus on valuations, in my view, and these companies have been beaten and battered, and the big boys, names like BB&T, Bank of America, JPMorgan (Chase), Bank of New York(Mellon), these are all names that will weather this crisis, and ultimately emerge, in our view, on the other side victorious."