The worst is far from over, but in the wake of this week's market selloff, there are ways to play volatility without losing your shirt.
"We probably have not punched the bottom in this market correction," Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, told Erin Burnett on "Street Signs." "We need to see some kind of emotional moment, some kind of a capitulation stage before it feels comfortable to us that we've hit the bottom."
That could be something as dramatic as a hedge fund going under, he said.
The markets are poised for a bigger fallout amid the unwinding of the carry trade, said Quincy Krosby, chief investment strategist for The Hartford.
So how do investors play such a volatile market?
"I would wait a little bit," Krosby said, noting that share buybacks by big companies are on the horizon. "I would start getting my shopping list ready."
Wirtz pointed to healthcare and the consumer staple area of the U.S. economy as strong segments at this time.
"This is the time to upgrade the quality of your portfolios," he said.