Why investors shouldn’t fear Syria: Strategist

The pull-back in stocks could actually be a buying opportunity, despite the situation in Syria, Deutsche Bank Chief U.S. Equity Strategist David Bianco said Tuesday.

"I think 1,600 is really good support," he said. "The reason why, we're beginning to see some glimmers of an upturn in business spending."

On CNBC's "Fast Money," Bianco said that the down day for stocks could be a rebalancing.

"I often say that dips don't come for free," he said. "We're on the verge of a 5 percent pull-back, and it hasn't come for free. A few risks have been known for a while, but something that's been on the back burner just can't be ignored anymore, and that's Syria."

Stocks closed sharply lower, with the Dow Jones Industrial Average dropping to a two-month low.

(Read more: Stocks end near lows, Dow skids over 150 as Syria fears escalate; Vix spikes 12 percent)

Bianco said that he thinks investors understand the risks and are focused on increased upside, despite the threat of a government shutdown, the federal debt ceiling, the sequestration and the effect of the Affordable Care Act.

(Read more: Forget Syria, market was due for a pause: Josh Brown)

"All of these things, each by themselves is not that big of a threat to the outlook, most importantly, business spending," he said. "But altogether I am somewhat fearful it could sour confidence on business spending, and we'd have to wait longer for it to pick up, particular spending on technology and other productivity enhancers."

That increased spending, he added, would be important to lead the S&P 500 toward a strong earnings growth rate.

(Read more: Steve Grasso expects 'a kiss of taper' from Fed)

Bianco, whose year-end target for the S&P 500 was 1,675, said that his top sector picks were financials, technology and energy.

Asked what could make the market over-correct to the downside, Bianco said:

"Giant, unexpected shocks would be the short answer for a correction or something worse than that. But having something along the lines of a dip to a proper correction, 5 to 10 percent pull-back, I think that could occur if we see in the third and fourth quarter that business spending's still stalled and earnings growth of the non-financials is still flat."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Stephanie Landsman contributed research to this report. Follow her on Twitter: @StephLandsman.

Trader disclosure: On Aug. 27, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGC; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long POT; Josh Brown is long DDD; Josh Brown is long AAPL; Josh Brown is long VAW; Steve Grasso is funds long MU; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Steve Grasso is long DHI.