Forget congressional bluster about clamping down on "speculators" -- commodities prices have barely begun to climb. So says John Roque, senior vice president of Natixis Bleichroeder. He offered CNBC his sector insights -- and a top stock pick.

"The trend for the CRB [Reuters Jefferies CRB commodities index] relative for stocks looks up," said Roque. "And the trend for gold relative to the S&P also looks up."

He explained that the Dow Jones Industrial Averagae is currently "roughly 11, 12 times the price of gold." And he said historical trending indicates that gold "is going to go higher still."

"If the Dow goes ro 10,000, it's not crazy that gold can go to 2,000. If the Dow goes to 9,000, gold can go to 3,000."

Options activity for Lehman Bros. and the financial sector as a whole continues to be extremely volatile, according to one analyst.

"Despite actions by the Fed to bring down some fraught nerves, and outlook for the fact that some of these rumors might die down a bit, implied volatility still remains very high, and we're still seeing a high level of activity at these July $10 puts in Lehman," said Rebecca Darst of Interactive Brokers on CNBC. "Again, it's very susceptible to rumor and there's a lot of speculative activity going on here, so that's one to watch." (See her full comments in the video).

Contrarian advice: Marc Ostwald from Monument Securities told CNBC that Fannie Mae and Freddie Mac shares could represent good value despite concerns about their future.

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Disclaimer

Abby Joseph Cohen, Goldman Sachs' senior investment strategist, told CNBC Monday that the fair value of the S&P 500 is at 1,400 -- nearly 200 higher than its level at the time of this writing -- based on a 6 month to 12 month view.

The index entered a bear market last week, dropping more than 20 percent from its Oct. 9, 2007 record close of 1,565.15. On Friday, the S&P 500 closed at 1,239.49.

Disclaimer

At a time of market uncertainty, what can an investor count on? Knee replacements, for one thing. Bruce Nudell, UBS senior research analyst, takes that as his cue in picking some promising stocks.

"We really love the orthopedic market right now," he told CNBC. "It’s got about, in the United States, about five points of unit growth; hospitals are making a lot of money on these procedures…So this should be a high single-digit market for the long term."

Recommendations:

He's got a favorite among the orthopedics, too.

"We like Zimmer especially," he said. "We think it's an undervalued stock. We like Stryker in the orthopedic space as well; Abbott (Laboratories) we think is a terrific company, has terrific prospects right now."

And that's not all.

"Medtronic, I think, is going to have a really good year," he said, but added, "We question the longer-term topline there."

Joe Clark is just one of many financial observers who will tell you that these are uncertain times. He's one of a few who will tell you what to do about it.

Clark is the founder and chief investment officer of Financial Enhancement Group, and he thinks the one sure domestic investment area is the credit-card business.

"You're in a bear market, so you've got to follow the rules," Clark told CNBC. "That means you've got to pay very close attention to the position, and not try to find a bottom."

He's watched utilities perform very well during the first half of the year, but he indicates that that could change in a heartbeat.

"The dividend yield is low, and if financials do find a bottom, you're going to find the dividend movers shift from utilities way into financials," he said.

Recommendations:

So which financials make money no matter where the market happens to be going?

"Get out of utilities, buy MasterCard and Visa, the consumers are good to go," he said.

Diagnostic firms DiaSorin and Biomerier and oil storage company Vopak are three small-cap stocks with promising growth prospects, Dave Dudding, fund manager from Threadneedle Investments, told CNBC.

Small-caps haven't been immune to the weakness brought on by the credit crunch and have been underperforming their larger counterparts, but investors looking for long-term returns can still find strong growth potential, Dudding said.

The stock market brought a dramatic end to a chaotic week on Wall Street. CNBC talked to the experts about how to play stocks, bonds and oil into the weekend and upcoming week.

Stocks:
Investors should stay on the sidelines going into the weekend and wait for the financials to stabilize, said Dave Rovelli, Canaccord Adams managing director.

"It's just too risky," he said. "Until the financials stabilize and oil comes down, there's really no reason to jump in."

Next week will bring a lot of catalysts to the market, including the consumer price index, the producer price index and earnings reports from investment banks Merrill Lynch and JPMorgan Chase , he said.

Bonds: Fannie Mae and Freddie Maccaused a selloff in bonds, on the idea that extra supply that could come from the mortgage lenders would be picked up by the government, said John Brady, MF Global senior vice president.

"It's been very volatile, very choppy, with some very good downside price action," he said of the bonds market. "I think the government continues to have challenges out and beyond the financial sector and agencies."

Issuance will likely go up next week when inflation data and retail sales are released, he said.

Oil:
The weak dollar and financial troubles raised the price of oil, but they didn't have the biggest effect, said Mark Solazzo, president of M. Solazzo Trading.

"Overnight, I think, is what really got the crude oil off and running with the Israel training session over Iraq," Solazzo said. "That definitely pushed the market higher this morning."

Tonight's cancellation of the Nigerian cease-fire will bring a big question mark regarding oil's future price, he said.

Disclaimer

Peter Misek, a global technology strategist at Canaccord Adams is bullish on tech stocks. He says “tech -- both in growth and earnings are going to look pretty good. We particularly like the multi-nationals.”

Recommendations:

IBM -– “Companies view it as a cost saving tool… [IBM’s] growth has been very strong – well over 30%. We expect that they had a great quarter, and we’re going to expect to see that strength over the next several quarters.”

Microsoft -– “We like it because we no longer believe they are going to buy all of Yahoo… You’ll be buying a company worth 10 times next year’s earnings.”

Research in Motion -- While Apple’s new iPhone 3G is already facing activation issues from customers, RIMM’s products with “more battery efficiency, bandwidth, efficiency and pricing will be much more attractive to consumers.”

America's oil crisis should be re-branded "renewable energy opportunity," says Rob Lutts. The founder and CIO of Cabot Money Management offered CNBC wind and solar stock picks that he sees on the verge of soaring.

Wind and solar together make up a mere 0.4 percent of global power today, Lutts said. "We think [they're] going to be 10 percent over the next 10 years," he declared. "We're at the very beginning of government subisidies really changing."

So which companies are likely to gain from the climb in oil prices (putting aside Exxon Mobil and Chevron) and the government's largesse?

Recommendations:

He recommended wind-based Gamesa -- traded in London -- referring to Boone Pickens' appearance on CNBC earlier this week, in which the legendary billionaire financier touted wind power opportunities.