Mohamed El-Erian: "Patience makes perfect this market..."

Major stock indexes on Tuesday backed off of a five-day green streak. It may have seemed calm, but with global growth weakening, central banks losing their teeth, and lack of patient capital, volatility is coming back.

"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, "The question for investors is, „Do they exploit the period of calm?". 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. "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.

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 Fundamental Fixed Income of BlackRock. "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.“ Rieder said.

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