Stocks are on track for a negative week, down about one percent since Monday, but a veteran strategist thinks it's too early to start worrying.
Huntington Trust Chief Investment Officer John Augustine tells CNBC's "Power Lunch" on Wednesday there are many positives in the global economy.
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"U.S., EU and UK economies have low recession risks. The weakness is centered in China, but they passed the last GDP test with a 6.9 percent annualized rate," Augustine said.
He is generally staying domestic in his stock exposure and one of his favorite areas is consumer names.
"The U.S. consumer continues to spend, but primarily on services. We like Kroger, Marriott and Constellation Brands," Augustine said.
Kroger and Marriott are lower during trading, while Constellation Brands is up slightly.