After the Commerce Department said the U.S. economy contracted at a 1% pace in the first quarter, RealMoney Pro contributor Chris Versace weighs in on what that means for your portfolio. Versace says while the GDP number was bad, you should put it in your rearview mirror as we're getting a lot of positive economic data in the second quarter. As markets continue to push higher, Versace says it's a stock-picker's market right now but investors would be wise to make sure there's some insurance in their portfolios. With this in mind, he recommends several ways to make sure you're protected no matter what happens.

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