Power Play: Is the worst of the selling over?

Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

The Dow and S&P 500 are down about 8 percent since the beginning of the year, while the Nasdaq is down 10 percent as concerns about a global slowdown weigh on the market.

Paul Christopher, head global market strategist at Wells Fargo Investment Institute, tells CNBC's "Power Lunch" on Tuesday he sees some stabilization soon.

"More volatility is likely in the coming days or weeks, but we expect markets to regain positive traction," Christopher said.

Read MoreEurope finishes higher as Brent recovers; Miners jump

In this environment, Christopher believes the best strategy is to hold a diversified portfolio that includes exposure to fixed income.

"Investors should be patient as near-term rising defaults among metal and energy producers could widen spreads further. Until this risk subsides, we believe investors should move up in credit quality and underweight the high-yield sector," Christopher said.

He also likes alternative strategies right now.

"We recommend tactically overweighting strategies such as Relative Value and Equity Hedge (our highest conviction strategy)," Christopher said.

Stocks are off their highs of the session, with the Nasdaq dipping into negative territory.