The Dow is down about 4 percent since last Thursday, when the Fed left interest rates unchanged.
Despite this sell-off, Steve Auth, chief investment officer at Federated Investors, tells CNBC's "Power Lunch" the market will find new legs later this year and volatility is a signal to buy stocks and re-position portfolios.
But you have to be selective and stick to domestic cyclicals.
He believes oil will remain under pressure due to continued oversupply and weak demand, but things may improve soon. "We think energy is getting close to curing itself, as U.S. supply is being cut back, and the global economy re-accelerates next year," Auth said.