Tension in the Middle East, hot inflation rattle stocks. Take these steps to shore up your portfolio

The major averages sold off with renewed fervor on Monday, but investors should resist the urge to join in. Fresh off its worst week since last October, the S & P 500 dropped more than 1% on Monday afternoon. The CBOE Volatility Index , known as the market's fear gauge, leapt more than 10% to 19.17. Conflict in the Middle East escalated over the weekend as Iran launched drones and missiles at Israel, and traders braced for a response.

Sell selectively There is an art to selling your losing positions. Tax-loss harvesting involves selling losers in your taxable account and using these losses to offset realized gains within your portfolio. If those losses exceed gains, you can offset up to $3,000 a year in ordinary income. Be mindful of your asset allocation as you decide what positions you're selling. You can use the proceeds to buy an asset that will keep you similarly exposed to the market and help you meet your goals.

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Stock market today: Asian stocks track Wall Street's decline as Middle East tensions escalateAsia stocks are mostly lower as worries about potentially escalating tensions in the Middle East rattle financial markets.
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Stock market today: Asian stocks track Wall Street's decline as Middle East tensions escalateAsia stocks are mostly lower as worries about potentially escalating tensions in the Middle East rattle financial markets. U.S. futures rose and oil prices fell. The retreat in Asia on Monday following a mixed start to earnings reporting season that took the S&P 500 down 1.5% on Friday. The Dow dropped 1.2%, and the Nasdaq composite fell 1.
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