The Dow Jones Industrial Average briefly turned negatively this week, as global growth worries weighed on stocks. Rather than run from the selling, however, one highly regarded technician is using it as an opportunity to buy stocks.
According to Oppenheimer technician Ari Wald, the latest sell-off is nothing more than healthy profit taking, and market participants shouldn't be alarmed.
"There has been a little bit of technical damage," said Wald on CNBC's Fast Money who noted that the S&P 500 is just 2 percent from its all time high. Overall, Wald says that the S&P's recent pullback is not particularly alarming because it hasn't violated key technical levels that would normally point to a deeper correction.
"The trend is fine," said Wald.