The market kicking off October and the fourth quarter on a negative note, with the Dow down more than 200 points at its low on Thursday. But Rob Lutts, president and chief investment officer at Cabot Wealth Management, tells CNBC's "Power Lunch" a pullback is a buying opportunity.
It's a "stock pickers market. Have more than usual cash to take advantage of volatility," Lutts said.
Even though Lutts is bullish on equities, he is negative on energy, materials and telecommunication.
"Oil will be low for several years- innovation [the] key factor here. Avoid energy sector for now," Lutts said.
He also believes slowing global growth will weigh on materials and disruptive technologies will hurt telecom.