Do nothing extreme in volatile markets: Strategists

Monday was another down day for the markets, but some strategists suggest that instead of panic-selling everything, investors should stay calm.

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United Capital Financial Advisers CEO Joe Duran told CNBC's "Power Lunch" on Monday that besides managing the amount of risk in one's portfolio, investors should be doing nothing.

"Your emotions are a dreadful gauge of how you should invest. ... Do nothing extreme when the markets are as volatile as they have been," Duran said.

U.S. Trust's chief market strategist, Joseph Quinlan, agreed and suggested that investors keep a long-term view of the situation.

"We don't see a recession here in the United States. ... There's a lot to still work out with energy, the Fed and China. Work slowly with the portfolio and rebalance toward quality," Quinlan said on "Power Lunch."

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BMO Capital Markets' chief investment strategist, Brian Belski, also told "Power Lunch" that while hopefully most investors are in stocks for a longer period, he would suggest short-term traders to play defensively.

"(Looking ahead) three to six months, I would be defensive, but I would be leery right here to try to chase stocks on a short-term basis," Belski said.