An important warning before buying on the dip

Buy the dip? Procter & Gamble vs. Apple

With the Dow posting six consecutive days of losses for the first time in nearly 10 months the number of stocks in correction territory is now more than just a few names.

And while buying on the dip might seem like a good strategy there is one essential timing factor to keep in mind, according to David Katz, chief investment officer at Matrix Asset Advisors.

"It's a treacherous market out there," Katz told CNBC's "Power Lunch" in an interview Thursday. "We would not be buying companies in front of their earnings unless you have tremendous conviction. We would actually be very wary of some of these high-flying momentum stocks."

Read More Dow posts 6-day losing streak as media stocks plunge

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters

But its not just momentum stocks like Apple and Tesla that have swung to the downside post-earnings. Walt Disney and Procter & Gamble shares also were hit hard after reporting disappointing quarters.

However, it's exactly those bigger, less momentum-driven names like P&G, Caterpillar and Exxon Mobil that have Katz most optimistic, citing a trend of people moving back into slower-growth stocks that have sold off on a slowdown in China.

"We wouldn't chase the momentum, we would be buying on the dips in the market and we would be buying on the dips in some of these high-quality businesses that are paying nice yields at low valuations."

Hugh Johnson, CIO at Hugh Johnson Advisors, agreed that China's slowdown was to blame for many companies' selloffs, especially for Apple. However, Johnson was more optimistic the Tim Cook-led company would recover.

Read More Apple exec: China market a strength, not a drag

"I don't think China is going to be nearly as bad for Apple as everyone expects," he told "Power Lunch."

CNBC viewers and followers seemed to agree, picking the tech giant as the best stock to buy on the Dow's dip.