This week has proved to be an especially volatile one for the U.S. Markets, as all three indices turned to the downside in today's trading session. The Dow & are now on pace for their biggest weekly drop in nearly six weeks.

Robert Lutts, President and CIO of Cabot Wealth Management, sees opportunities in emerging markets and believes that current "challenges are only temporary" in such countries as Nigeria and Russia. The MSCI Emerging Markets ETF has outperformed the Dow year-to-date by nearly 4 percent.

"Nigeria experienced Ebola and they had oil prices fall in half over the last year," but he thinks smart investors should not be deterred by these fears. Lutts suggests the Global X MSCI Nigeria ETF and sees steady, solid growth from the investment. He also tells CNBC's Power Lunch that investors should "buy Russia today" through the Market Vectors Russia ETF. "It's really hard to recommend Russia today especially since they are scheduled to have especially difficult economy and decline by close to 5 percent GDP in 2015," Robert Lutts said. He thinks that stocks are dirt cheap right now, and price to earnings ratios in Russia are about 4-5 times earnings.

Furthermore, Lutts also sees opportunity in Kenya's Market Vector Africa Index and India's EM Shares Small Cap India.

Disclosures: Cabot Wealth Management clients & Robert Lutts, personally, own positions in all ETF's noted in this article.