Adam Johnson, managing director at MLH Capital, said that in a volatile market, he sees opportunities in ETFs.

“We have found that in this kind of volatility, when the Dow is down 100 or 200 points at a moment’s notice on any given day, it’s easier to focus on ETFs than individual names," said Johnson. “You’re limiting the amount of risk that you’re taking with a given position.”

Recommendations:

PowersharesQQQ -- “QQQQs are not down as much as the broader stock market on down-days,” he said. “Buy it on the down-days on the expectation that it won’t be down as much, but they will rise more on the up-days.”

Gerald Jordan, portfolio manager at Jordan Opportunity Fund, said that investing in large cap stocks is the way to go.

Recommendations:

Medtronic -- “[The company] reported earnings today, good number -- revenue up 19 percent. It’s pretty good for a large cap name in this environment. They’ve made a bunch of acquisitions, which are now starting to pay out for them. This is not going to be a 30 to 40 percent grower, but I think this could be a stock in the high $60s, low $70s by next year.”

Jordan’s other picks included stocks in the energy sector:

Schlumberger -- “I’m still a believer in the oil cycle. Drilling intensity, both domestically and internationally, is going to accelerate here. We’ve got a bunch of off-shore rigs that have to be delivered over the next three years. They will benefit from that as well. This stock is supposed to earn up to $6 next year, I think the number is closer to $7.”

Chris Blum says "discipline" is the key to making money in this market.

Short-term, buy commodities; but hold those financials for a fourth-quarter recovery. So says King Lip, portfolio manager at Baker Avenue Asset Management.

He explained his investment strategy to CNBC -- and offered his top stock picks.

Basic materials -- especially oil prices -- have slipped; and the U.S. dollar has strengthened. But that's precisely where Lip sees the opportunity.

"Whenever you have such a strong sector pulling back so sharply, you usually get a pretty nice...technical rebound," he said.

Recommendations:

Lip is buying Alpha Natural Resources and Arch Coal -- for the short term.

Energy and energy service stocks are the plays where Donald Hodges of Hodges Capital Management sees opportunity.

"We particularly think energy stocks are good buys here," he said on CNBC. "That doesn't mean they might not go a little lower, but when you look at them from a price-earnings multiple and look at them in terms of long term demand, we think it's a great area to be looking around in."

(For his full comments, see the accompanying video).

The market is turning -- and Andrew Peck is in stocks for the long haul. The portfolio manager for the Baron Asset Fund thinks it might be a mistake to try and play stocks by constant, rapid buying and selling.

Instead, Peck says his fund holds stocks for an average of five years, versus the "typical mutual fund" pattern of six months -- an annual turnover of 18 to 19 percent, versus 100 percent.

Recommendations:

With an eye toward the future, Peck has added three new names to Baron's portfolio.

- Gartner , a independent provider of up-to-the-minute research on the information technology (software, hardware, Internet) industries.

- FactSet , a provider of fundamental financial data on a wide variety of companies

- Lamar , which owns and operates outdoor advertising strustures and space.

The market is turning -- and Andrew Peck is in stocks for the long haul. The portfolio manager for the Baron Asset Fund thinks it might be a mistake to try and play stocks by constant, rapid buying and selling.

Good news -- for bears: The markets are still heading lower, according to Kirby Daley, senior strategist at the Newedge Group.

He tells CNBC that investors are being overly optimistic when it comes to equities -- because the U.S. economy isn't even close to a recovery. See the interview in video at left.

(He's not alone: A report Monday says the outlook is worse for Fannie Mae and Freddie Mac .)

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CNBC's Companies in the News:

- General Electric (Story: Financial M&A )*

- BHP Billiton (Story: Profit up 30% )

- UnionBanCal (Story: Buyout deal near )

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Disclosures:

*GE is the parent company of CNBC.

Disclaimer

There's been a seismic shift in the markets in the last few weeks. How to play this sudden new era?

Jason Trennert of Strategas Research Partners and Doug Mackay of Broadleaf Partners offered their revised sector and stock picks.

"In a deleveraging world, cash is king," Trennert told CNBC. he believes leadership is over for basic materials and energy, thanks to the solwodown in the once-hungry emerging markets.

Recommendations:

Trennert is now sector overweight on technology, citing the generally "pristine" balance sheets: low debt and lots of cash. he also likes consumer staples.

Mackay agrees on tech's ascendancy, noting that technology firms can adapt to changing market trends via "innovation" -- and aren't dependent on dried-up bank financing. He likes Google and Research in Motion.

On Barron's list of the top 100 fund managers in America, Arieh Coll ranks No. 8.

His four-star Eaton Vance Multi-Cap Growth Fund is up an average of 13.77 percent per year over the last five years.

You might think him a good source of ideas about investing in a bear market -- but he thinks the bear market may have ended a month ago.

Recommendations:

He likes Chinese-based solar-power company ReneSola, despite -- or possibly because of -- a recent plunge in its price.

"Investors are too pessimistic on the solar power industry," he told CNBC. "Profits might be falling, but we think they're going to rise dramatically, about 50 percent in the next year."
(Contd.)

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CNBC.com Feature:

"How to Play Emerging Markets Now"

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Also on his list, futures and options broker MF Global.

"We think they're going to earn about a dollar per share in the next year," he said. "In the next year, the stock could double."