"The interesting thing about the market today is you don't have to go down the quality scale to find some interesting purchase candidates," he told CNBC.
"The good companies and bad companies alike are very cheap stock-price wise right now."
Carey suggests investing long term in retailers like Walgreen and Target , as they "are selling at very interesting prices," while Caterpillar and Deere are attractive long-term purchases in the machinery sector.
He also likes the materials, health care and consumer discretionary sectors.
Carey is avoiding Citigroup , as he is 'underweight' on the financial sector.