U.S. stocks plummeted on Monday, briefly sending the S&P 500 and Nasdaq down more than 8 percent, after the U.S. House of Representatives rejected a $700 billion financial-sector bailout plan, renewing fear about frozen world credit markets and the outlook for the global economy.

The bailout's failure in the House added to losses suffered after Wachovia Corp became the latest major U.S. bank to succumb to the global credit crisis.

Investors feared financial market turmoil would continue to spread around the world. In recent days, European authorities have been forced to step in and rescue a bevy of banks in Britain, Belgium, Germany, Iceland and elsewhere.

But with blood on the streets and panic in the air, could this be that market bottom that we’ve been waiting for?

“Right now we’re in a meltdown that’s panic driven," explains Zach Karabell on CNBC’s Closing Bell. "A lot of people in the market have been thinking about for months."

Meanwhile, the VIX hit levels which we've never seen suggesting volatility is rampant. “We’ll get past this,” adds Jordan Kimmel, portfolio manager with the Magnet Investment Group. “This is how lows are made. I wouldn’t sell a thing here, he counsels. Typically a stock market turns before the economy turns.

There could be opportunity in companies that are less likely to be hurt by a sharp recession, according to Jim Oberweis, president of Oberweis Asset Management.

"I'd look at Genoptix and iCAD he says. "I think those are two names that are poised to come out of this with much higher P/E multiples."

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