So where do money managers put their money to work amid the continued selloff?
United Capital CEO Joe Duran, with $15 billion under management, told CNBC's "Power Lunch" "If you believe the market is due for a correction, say, a 15 percent drop, then ETFs might be the best place to position yourself right now."
Duran's top pick is the iShares S&P 100 ETF. "This domestic mega-cap ETF is a play on the cheapest sector of the market. On a relative fundamental valuation basis, it is also the safest."
In Europe, Duran likes the Vanguard FTSE Europe Index Fund, "this is a bet on the significant monetary stimulus by the European Central Bank as it pumps money into financial assets."
Another area Duran thinks is well-worth watching are emerging markets. "They are larger than developed markets and where all the growth is. If you can stomach the volatility, they are amazingly cheap." Duran recommends the Vanguard FTSE Emerging markets Index Fund ETF.
Ernesto Ramos, head of equities at BMO Asset Management, with $250 billion in assets, is bullish on value plays via his fund, the BMO Large Cap Value Y, with an annualized three year return of more than 14.35 percent.
Ramos told CNBC's "Power Lunch" Friday "We expect double digit earnings growth for the next 12 months in the U.S., and commensurate returns. For us, volatility has provided excellent opportunities to pick up stocks at cheap prices."
"In times like these, we advise clients to stay the course and not make changes to their portfolios," said Ramos. "
Disclosure: Ramos owns these three stocks Indirectly through BMO GAM funds.
CNBC's Brenda Hentschel contributed to this story