Stocks are on sale, but investors are in no mood for a shopping spree, according to John Buckingham, AFAM Capital's chief investment officer.
"We just had stocks go on sale 10 percent or even more for individual securities," he told CNBC's "Power Lunch" on Monday. "A long-term investor should be taking advantage of this and buying."
The market saw a brief relief rally last week, as it closed the holiday-shortened period positive for the first time this month. However, it resumed its January blues with a drop Monday. The Dow Jones industrial average closed down more than 200 points and the S&P 500 shed nearly 30 points.
"There just doesn't seem to be buyers stepping up," Buckingham noted.
Still, the climate is good for investing, he said, suggesting that investors buy the dip and start locating companies that are set to "do well" within the next decade.