Yardeni: Now's a good time to start buying stocks

Stocks rebounded slightly on Tuesday, though they're still down for 2014. In fact, this has been the worst starts for a February since 1982.

The market benchmark S&P 500 index may be down 5% so far this year but noted economist Ed Yardeni, President and Chief Investment Strategist at Yardeni Research, believes this may offer buying opportunities.

(Read: US stock futures clear bulk of losses after ADP report)

"I just think it's a garden variety correction," says Yardeni. "This has been a tough bull market o stay on top of. It just keeps trying to throw us off."

While Yardeni thinks recent worries over emerging markets are definitely a factor – particularly with the "Fragile Five" of Brazil, India, Indonesia, South Africa, and Turkey – Yardeni sees the US market as being able to successfully overcome this latest hurdle. One of the reasons the US can do so is that individual emerging markets have little effect on the US.

"This seems to be one of those panic attacks that the bull market somehow manages to deal with on a regular basis," says Yardeni. "Emerging markets matter a lot if you put them all together collectively… if we have a financial contagion in these countries and they all fall into recessions. But that's not what's happening right now."

According to Yardeni, the problem of a handful of countries is an inability to attract capital, thereby weakening their currencies. "When you look at these particular countries that are in trouble," says Yardeni, "they don't really impact the US economy at all."

(Read: Bonds beating stocks in 2014...so far)

With the S&P 500 close to its 200-day moving average, currently at 1,708, Yardeni sees that support holding.

"I think this actually a good time to start doing some buying here," says Yardeni. "Over the past couple of days, we've really seen some stocks get crushed pretty hard and these are probably the ones that are going to bounce back the most."

To see the entire interview with Ed Yardeni on what's next for the markets, watch the video above.

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