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You should nearly always buy into panic just like you should sell hysteria. -

in CNBC, August 9, Jim Rogers

Definition: In a market that's up one day and down the next, strategists told CNBC Wednesday there are definitely buying opportunities—but there are also places to sell.

True... now Is the Time to 'Sell Hysteria and Buy Panic'

 Jeffrey Saut, chief investment strategist at Raymond James. "Right now you're getting hysteria on the upside in gold and Treasurys, and you're getting panic in the U.S. stock market."

Saut said he is starting to buy into the market, especially because the McClellan Oscillator—a formula that indicates whether the market is oversold or underbought—is more oversold than it was at the March lows.

"I still like the emerging and frontier markets," said Saut.

Jeffrey Kleintop, who leads the development of market and investment strategies at LPL Financial, said although the market is still uncertain, especially with the jobs report coming on Friday, it's still the time to buy.

"We have been very defensively positioned—lots of cash, lots of gold... [but] we're once again for a third time this year back around the 1250 level for the S&P 500," said Kleintop. "The other two times were buying opportunities. This one may be as well."

Gold has continued to break its own record highs in the past week, and Kleintop said it will be a smart play in an uncertain market: "I don't think you're going to see a big crumble in the price of gold here. There are a lot of factors that continue to support precious metals prices, not the least of which is the continuing fall on the dollar."

Saut actually advises investors in the short term to rebalance positions in gold ETFs, "which means you would sell partial positions to bank some of the profits and redeploy some of that cash."