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Power Play: 5 stocks for market volatility

Traders work the floor of the New York Stock Exchange.
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Traders work the floor of the New York Stock Exchange.

Market volatility is back in a big way, but this is good news for active managers who have been looking for opportunities to make money as the economy recovers.

Jerry Castellini, president and chief investment officer at CastleArk Management, believes this a good time to look at energy names if you have a long-term outlook.

"Don't leave energy out of your thinking. Commodity is trying to bottom. If you look at some quality energy names, you will be a winner," Castellini told CNBC's "Power Lunch" on Monday. Some of Castellini's picks in energy include Halliburton and EOG Resources.

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Another Wall Street veteran likes Applied Materials, Stanley Black & Decker and Qualcomm.

These businesses "are positioned well and haven't been rewarded in the stock market yet, but they are going to be," said Invesco Global Core Equity Team CIO Ron Sloan.

Halliburton, EOG Resources and Qualcomm are higher during trading, while Applied Materials and Stanley Black & Decker are lower.