Despite a few days of stock gains, investors should still ride the brakes when it comes to certain investments, experts told CNBC.
Major stock indexes on Tuesday backed off of a five-day green streak, with the Dow closing down 0.65 percent, the S&P 500 shedding 1.12 percent, and the Nasdaq falling 1.26 percent as sectors like energy and biotech weighed.
It may have seemed calm, but with global growth weakening, central banks losing their teeth, and lack of patient capital, volatility is coming back — and that means investors need to be more tactical than they have in the past, one pro said.
"What we're seeing in markets is the same thing we've been seeing for a while, which is a period of intense volatility, followed by calm, followed by intense volatility," Mohamed El-Erian, of Allianz, told "Closing Bell." "The question for investors is, 'Do they exploit the period of calm?'"
Oil, in particular, dragged nearly 4 percent after a chilly note from Goldman Sachs, warning that a rally would be unsustainable. Echoing sentiments from Goldman Sachs, value investors shouldn't feel pressured to buy right away, said Ben Willis, managing director and trader at Princeton Securities Group.
Chiming in and advocating a slow, steady approach, Brian Youngberg of Edward Jones said, "Try to get away from this day-to-day volatility."
There are still some good opportunities in energy — and if you have a tough stomach, you can complement them with names that have more risk, said Youngberg, an oil and gas analyst. He said $60 to $65 per barrel oil is a good long-term price for investors to keep in mind.
"I think investors, initially, should focus on having a good core: Chevron, Schlumberger, names like that," Youngberg said. But with new leaders or strong balance sheets, names like Apache, Marathon Oil and Devon Energy could provide great long-term value for patient investors willing to wait three years or beyond, he noted.
To be sure, with the U.S. central bank looking to raise interest rates this year, it might be time to get back into the water in some assets, particularly emerging markets and high-yield, said Rick Rieder, managing director and chief investment officer of Global Fixed Income of BlackRock.
"This is a Fed that is moving toward raising rates," Rieder said. "We think it's going to be pretty hard, ... probably impossible for them to move in March. I do think they're going to move as we get into June."
Correction: This version reflects an update in Rick Rieder's title. He is now managing director and chief investment officer of Global Fixed Income at BlackRock.
— Reuters and CNBC's Tom DiChristopher and Chris Hayes contributed to this report.