Don't shy away from gold.
The pressure stretched to the VanEck Vectors Gold Miners ETF (GDX), a popular product among gold-focused equity investors that tracks the stocks of mining companies. GDX closed more than 3% lower Wednesday.
But Mark Tepper, president and CEO of Strategic Wealth Partners, and Mark Newton, president and founder of Newton Advisors, have faith in gold's staying power.
"I think the safety trade is still in play," Tepper said, adding that he preferred SPDR Gold Shares (GLD), the largest ETF on the market backed by physical gold, over GDX.
"GLD is your pure play," Tepper said. "Gold does very well as a calamity hedge, and I think we would all agree that this is definitely a calamity right now. It also does well during periods of inflation but also deflation, and there's absolutely no question about it, there has been a ton of money created over the last few weeks. And when you look at the stock market over the last few weeks, the stock market's gotten cocky."
With stocks charging higher despite countless negative headlines, "we're at the point right now where stocks have gotten way ahead of themselves," Tepper said.
In times like these, traditionally stabler assets like gold tend to become more appealing to investors, he said.
"The stock market does not reflect what's happening in the economy," Tepper said. "I do think double-digit unemployment is going to be the norm for quite a while, unfortunately, much longer than consensus thinks. And because of that, I think the safety trade is going to be valid over the course of the next several months. It's going to be good news for GLD holders."
Chart analyst Mark Newton sees more upside for GLD and GDX "in the weeks ahead."
"GDX ... rose to the highest level we've seen since 2013 yesterday. So, despite today's weakness, it's actually been performing quite well," Newton said, pointing to a chart of the ETF.
"Yet if you look back at when gold peaked back in 2011, we're still down about 50% off those all-time highs," he said. "So, GDX, to me, represents a pretty decent momentum trade as a part of an environment where not a lot of things have been working lately over the last couple months. So, this is still something that I own and I think can make further progress in the weeks and months to come."
GLD closed over 1% lower on Wednesday.
Disclosure: Newton owns shares of GDX.