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What's This 'Fiscal Cliff' Anyway? Do I Need to Worry?

"Despite the problems, the United States is still one of the bright spots of the world," he said. "It's just a matter of growth slowing, and if in fact growth is slowing you need to reposition differently."

James Paulsen, chief market strategist at Wells Capital Management in Minneapolis, said that whatever the Washington negotiations produce, investors should count on getting less stimulative help from the government.

"We're experiencing the fiscal cliff already, it's just in infinitesimally small ways, eating away at us every day," said Paulsen, who advocates not only buying dips but also selling into strength in what he expects to be a volatile environment where the S&P 500 finishes the year at 1,500, despite all the turbulence.

For Randy Frederick, director of trading and derivatives at Charles Schwab, a likely market pullback over the summer brings with it a chance to employ options strategies like covered calls and collars, both of which attempt limit downside.

"When you talk about a fiscal's probably a little early to worry about those issues," he said. "But we are due for a pullback for a number of different reasons."

--Written by Jeff Cox at CNBC
CNBC is a world leader in business news, providing real-time financial market coverage and business information.
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