Four ways to play defense in a falling market

Here are the four ways they recommended playing defense:

1) Be patient:

"Selling continues to plague the stock market and we expect selling will continue through September…So try to be patient and keep your powder dry for what looks likely to be a decent seasonal buying opportunity later this summer or early autumn." – Jeff Hirsch, Editor-in-Chief of the Stock Trader's Almanac.

2) Short emerging markets:

"Markets do not look appealing for long positions in the shorter term…At this point the global macro presents the preponderance of evidence that the U.S. stock market will continue to be weak. That doesn't mean opportunities don't exist. The short position we are most active in and think will continue to present good hedge opportunities is emerging markets." – Jeremy Hill, managing partner of Old Blackheath

3) Buy volatility protection:

"The path of least resistance remains lower for U.S. equities, though I do believe we have seen the bulk of the move priced into the broader market as of this morning...We have yet to register a proper 10 percent pullback this year. Odds are strong that we will see that in this move...Gold had held up very well in this meltdown and I suspect it will continue to play the role of safe haven while equities continue to work towards a tradable bottom. The VIX has provided the most meaningful opportunity to play offense in this season of volatility and remains a street go to." – Peter Kenny Chief Market Strategist of the Clearpool Group.

"Options on the VIX are often a good hedge...Tactical trading programs usually offer the best protection. The key is using a rules-based approach that doesn't ride an asset class straight into the ground. Trying to trade the tape based on the latest news story or gut feeling isn't a good idea." – David Nelson, Chief Strategist at Belpointe

The iPath S&P 500 VIX Short-Term Futures (VXX) is an ETN that provides exposure to the moves in the CBOE Volatility Index (VIX index).

4) Buy gold and gold equities:

"Gold remains a great mixer asset to hold here. More specifically selected gold equities with production growth, low/no debt levels and under control cost bases. The sell-off in gold equities has been too extreme and non-discriminatory, meaning that it is possible to find higher quality investments at beaten down prices. The world's largest emerging markets continue to accumulate gold to bolster the flexibility of their own foreign reserves and this provides another support for the space." – Chris Bailey of Financial Orbit, a U.K. based investment research firm.

Read MoreCan David Einhorn turn 2015 around?

Bailey has good company with his gold recommendation. David Einhorn, the hedge-fund manager of Greenlight Capital, disclosed bullion as one of his top five largest positions in a July letter sent to clients. And Stanley Druckenmiller made the precious metal the largest position for his family office, according to a June SEC filing.(by CNBC Pro)