The major averages are in or near a correction in January, raising concerns that the bull market is over.
But Rob Lutts, president and chief investment officer at Cabot Wealth Management believes any correction of 3 to 5 percent is a buying opportunity.
"The public has not participated in the last 6 year bull market. The stock market continues to climb 'wall of worry.' Path of least resistance is still up," Lutts said.
"Electric utilities will be challenged by alternative energy [and] slowing global growth is weighing on materials," Lutts said.
As for telecom, Lutts sees stiff competition from disruptive technologies.
Utilities and telecom are higher during trading, while materials is lower.