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.
Read MoreStocks hold higher; materials lead
"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.
Consumer staples is higher during trading, but utilities is lower.