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Power Play: Buy stocks in a pullback

Pierre Nanterme, CEO of Accenture Plc
Chris Ratcliffe | Bloomberg | Getty Images

Stocks are mixed after the set another intraday high. The Dow is trying to avoid its first 6-day losing streak, while the Nasdaq is on pace for a fifth day of gains.

Bruce McCain, chief investment strategist at Key Private Bank, tells CNBC's "Power Lunch" on Monday July's rally was somewhat ahead of fundamentals.

"That increases the probability of a corrective pullback. The fact that one seems due during one of the year's worst months makes it more likely," McCain said.

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He is telling clients he is buyer of stocks in a reasonable pullback. A large-cap name McCain recommends is professional services company Accenture, which has a dividend yield of 1.4 percent.

"Accenture is seeing solid growth across its operating groups [with] particularly strong growth in its digital, cloud and security businesses," McCain said.

Accenture is flat during trading, but is up 8 percent year-to-date.