The stock market will continue to bounce up and down — and that means there are buying opportunities to be found, strategist Keith Lerner told CNBC on Monday.
Equities rebounded on Monday after suffering their worst weekly performance in two years.
"When we've seen these sharp declines in the past, the bottoming process typically happens over weeks and months, not days. So investors should be prepared for a lot of back and forth," the chief market strategist at SunTrust Bank said in an interview with "Closing Bell."
He's not the only one warning of rocky times ahead.
"The market still needs to continue to thrash around a little bit just to find its chi," Kenny Polcari, director at O'Neil Securities, told "Closing Bell."
On Monday, the Dow Jones industrial average closed 410.37 points higher at 24,601.27. The S&P 500 gained 1.4 percent to finish at 2,656, and the Nasdaq composite advanced 1.6 percent to close at 6,981.96.
The action followed last week's sell-off that saw the Dow and the S&P both pull back 5.2 percent. Those were the worst weekly declines since January 2016. The Nasdaq composite, meanwhile, dropped 5.1 percent, marking its biggest one-week pullback since February 2016. The indexes also dipped into correction territory.
Lerner told his clients last week that the pullback was a buying opportunity. And he's using history as a guide. In the last 16 corrections, the market was up 20 percent a year later, he said.
"We think the bull market still has legs," he said.
"Valuations are now back to a 2 year low and earnings are extremely strong. In fact over the last month we've seen earnings revisions up 7 percent," he added. "After we get through this … bottoming process we ultimately think stocks will move higher."