Doug Sandler, chief equity strategist at Riverfront Investment Group, told CNBC's "Power Lunch" he's looking at some of the "beneficiaries like transport, credit card companies, packaging companies and aerospace defense."
Another play is through consumer discretionary ETFs.
"Consumer discretionary will benefit from lower oil prices. I plan to add to it on a pullback," Grigoli said.
WTI is trading down six percent on Wednesday, while Brent is off about five percent.