Despite the drop, and the dramatic plunge early last week, Piper Jaffray senior strategist Craig Johnson told CNBC's "Squawk Box" the selling won't derail a long-term trend higher.
"There's no question that a lot of technical damage [has been] done," he said before Tuesday's opening bell, but added the secular bull market in stocks remains intact. The term secular bull market refers to a market that moves higher over the long haul, even with periodic corrections and or bear market conditions.
Johnson emphasized the primary trend still looks higher, and he advised investors to buy the dips. "I expect us to find the lows here somewhere soon. I'm not saying today is going to be the day, but I think in the next few weeks here."
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