NEW YORK (TheStreet) -- The U.S. equity markets had a very ugly open on Friday and have managed to erase most of those losses so far. Ben Willis of Albert Fried & Company told TheStreet's Debra Borchardt there is more downside ahead. 

In 2013, the market was notorious for having pullbacks of 4% to 4.5%. Although the current pullback is of similar magnitude right now, Willis said a deeper pullback would be healthy. He argued that a 10% correction is good for a bull market, and will give investors a really great buying opportunity. 

A 10% pullback would put the S&P 500 back to around 1,675 or so, and should draw quite a bit of support from investors and market participants. 

There was a large outflow in U.S. equity mutual funds, which is the opposite of what most fund managers expected for the month, Willis said. The bond market has been holding up since it is being viewed as a "safe haven" at the moment, he added. 

But all of these perceptions will likely "reset" so long as stocks become more attractive after a bigger pullback. It will be beneficial in the long run, Willis reminded investors.

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.