Power Play: Underweight these sectors

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

With the major averages down 7 percent or more since the beginning of the year, some money managers say it's time to start buying stocks.

AFAM Capital CIO John Buckingham tells CNBC's "Power Lunch" on Monday he has exposure to all 10 S&P 500 sectors, but he is still underweight 3 sectors.

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"We are modestly overweight the S&P 500 in consumer discretionary, while we are modestly underweight the S&P 500 in financials, health care and utilities, though on the latter group, we have added to our holdings in recent months," Buckingham said.

RiverFront Investment Group CIO and Chairman Michael Jones is sticking with developed markets.

"Avoid 'stuff' facing excess capacity (chemicals, steel, miners) and emerging markets," Jones said.

Consumer discretionary, financials and utilities are lower during trading, while emerging markets and health care are higher.