Power Play: Don't blindly buy the dips

Bumpy road Market dips
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The Dow and S&P 500 are on pace for a second consecutive weekly loss, while the Nasdaq is bracing for a third down week.

Despite the recent pullback, Richard Weiss, senior portfolio manager at American Century Investments, tells CNBC's "Power Lunch" on Friday you shouldn't blindly buy the dips.

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"Coming out of the deep 2008 recession, this seven-year long economic recovery is running on fumes…Corporate profits are expected to be negative again this year (-0.7 percent versus -3.1 percent last year)," Weiss said.

He believes following the trends of the past few years is sub-optimal. "Stock selection and sector rotation is key to adding value this year and next," Weiss said.

Right now, Weiss is overweight consumer staples and utilities, sectors that typically outperform in the latter stages of an economic recovery.

Consumer staples is higher during trading, but utilities is lower.