Stocks fell across the market after the release of report on the latest Core Personal Consumption Expenditure Price Index. The Index rose 0.6% for January and 4.7% from the previous year, which is well above economists' expectations. The index is the Federal Reserve's preferred inflation gauge. 

The report added to  worries that the Fed may have to keep rates higher for longer to quell inflationary pressures. 

However, B. Riley's chief market strategist doesn't expect the market to remain in a protracted downturn. 

"This market has been pretty jittery this week, so any disappointing data is going to have an outsized impact as we're seeing in the early movements," Hogan said, "This may test its recent lows, but I don't think it's going to push us to new lows." He added, "I don't think this is enough to say the rally of 2023 is over..."

Is it time to buy the dip?

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