Power Play: Buying opportunity in energy

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Oil is rallying again today and is up 9 percent in the past two days, but West Texas Intermediate crude is still down about 10 percent year-to-date. For investors who can stomach the volatility, this could be a good opportunity to buy energy stocks.

Patrick Chovanec, managing director and chief strategist at Silvercrest Asset Management, tells CNBC's "Power Lunch"on Thursday energy is one of his favorite sectors.

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"Looking through the shakeout, there is potential good value in identifying the survivors," Chovanec said.

Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securites, sees signs of a bottom in the oil market.

"We think energy (as well as industrials and materials) in particular after near record sector underperformance is likely to rally very significantly in the weeks ahead as the Fed talk of 'data dependency' and 'sensitivity to international developments' transitions into the ISM reports in Feb and the February 5th employment report which will reinforce the notion that there isn't going to be a recession," Emanuel said.

Energy is up more than two percent during trading.