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Protection Playbook: Buy the dip

Terrance Emerson | iStock | Getty Images

Liquidity fell off the rails, as stocks tumbled for the third session in a row Wednesday, on U.S. growth worries and concerns about the first profit decline in six years.

Read MoreStocks sell-off as bad news turns bad

So what can you do right now to protect your portfolio?

Matthew Tuttle, chief investment officer at Tuttle Tactical Management tells CNBC's "Power Lunch" the sell-off presents a short-lived buying opportunity for investors

"What is bad news will be good news, and good news will be bad news, so take advantage of the dip. "

Tuttle's top pick is Texas Instruments, which he considers hugely undervalued.

"Not only is a great dividend and earnings play, you can pick it up for a very decent price." Tuttle said.

Texas Instruments traded 3.74 percent lower on Wednesday, at $56.28. The stock's 52 week range is $41.47 to $59.99, with a market capitalization value of $58.9 billion.

Beyond the U.S., Carmine Grigoli, chief investment strategist at Mizuho Securities USA, said he is betting on Japan, while avoiding Europe.

"Among the overseas markets, we favor the Japanese stock market over Europe based on earnings growth, valuation and prospects for structural reforms.

Earnings growth in Japan is much stronger than other major markets ". said Grigoli, "with the Nikkei expected to reach 30,000 in the medium-term, over a 50 percent increase from current levels. "

The Nikkei benchmark rose 0.2 percent to 19,746.20 points Wednesday, striking distance from its 15 year high closing level of 19,754.36 reached earlier in this week.

Read More Asian equities subdued; Shanghai breaks 10-day rally