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Power Play: Betting on the U.S. consumer

Young shoppers shopping
Dougal Waters | Getty Images

Stocks are tumbling on Wednesday, with the Dow and S&P 500 down 10 percent since the beginning of the year. The Nasdaq is off more than 12 percent.

Despite the sell-off, Jack Ablin, chief investment officer at BMO Private Bank, tells CNBC's "Power Lunch" he's not worried. Ablin sees another 8-10 percent correction and a better entry point for investors.

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One of his favorite sectors now is consumer discretionary, which is off 11 percent year-to-date. "Low energy prices benefit the consumer, as confidence is on the rise," Ablin said.

He also expects a pick-up in discretionary spending when confidence improves. "Investor bullishness is at its lowest level since the 'flash crash,' Ablin said.

Consumer discretionary is down 3 percent on a down day for the market.