Here are a couple of buying opportunities now in this market

The markets are officially in correction territory, but one strategist sees a buying opportunity, particularly with two stocks.

The S&P 500 (^GSPC) is down 9% in 2016 and 13% off from the all-time highs it made last May. However, Kate Warne, principal and investment strategist at Edward Jones, sees this year’s selloff in stocks as an emotional overreaction.

“We have seen some disappointing indicators, especially in manufacturing, but certainly the consumer continues to spend,” she said. “That accounts for about two-thirds of economic growth. In addition, companies continue to report higher profits. The growth is not quite what we'd like it to be, but we think those fundamentals are what will drive stock prices over time.”

Warne sees lower oil (CLH16.NYM) prices as benefiting the consumer. It has been the substantial drop in crude – trading at roughly half of where it was just nine months ago – that has helped to bring down the overall markets as energy stocks suffer. But she expects stocks to eventually benefit as well.

In the meantime, Warne is bullish on two household names, Pepsi (PEP) and Visa (V).

Consumer staples like Pepsi are considered defensive plays in tough markets, although the snacks company is trading flat from where it was 12 months ago.

“It's something that you can buy today and feel relatively comfortable,” Warne said. “It will be able to continue to grow even with the volatility and with the slow growth environment we're seeing around the world.”

Warne expects Visa will stand out among financials, which are having a rough go of it this year.

“Visa certainly benefits from the fact that more people are spending using credit cards versus cash or checks,” she said. “Overall, certainly within financials, Visa's less affected by some of the things that everyone's worrying about but really benefits from a very long-term growth outlook.”