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Pros Say: Market DID Bottom in October

Things look worse for GM, Ford and Chrysler Wednesday as Congress seems less likely to approve a $25 billion automaker bailout. Stocks slipped — but some analysts say that slide had little to do with the Big 3. CNBC canvassed the experts, who foresee plunging oil prices, a stronger dollar — and say the market has already bottomed (!).

The Market DID Bottom in October (Maybe)

Jeffrey Saut of Raymond James said he's convinced that Oct. 10 was the market's capitulation low, and there've been sufficient tests of that low to meet criteria for "a fairly decent rally." Moody's Investors Service's John Lonski said he expects crude oil to go as low as $50 per barrel. He believes energy stocks will remain bargains, especially in the tax-loss selling season.

In Greenbacks We Trust

The U.S. dollar is the ultimate safe haven in the current global economic situation, Commerzbank's Ulrich Leuchtmann told CNBC. (Check the dollar vs. world currencies here.)

Global or Domestic, Stick with Infrastructure

Mark Parr of KeyBanc Capital Markets said he sees more infrastructure spending in the next 12 to 18 months, both in the U.S. and in the emerging markets. He likes steelmakers Nucor , Steel Dynamics , and Gerdau AmeriSteel . He also said there are parallels between automakers and what's happened to the steel industry in the last 25 years, and believes a bailout is likelier than bankruptcy.

Big Banks, Infotech, Industrial and Health Care Will Lead Recovery

Strategist Subodh Kumar advised investors to focus on quality companies: firms with strong management, strong financials, and good products. But he said nothing will happen in the equity markets until the strongest banks move higher.

Bonds. Convertible Bonds: Solace For Investors

Palisade Capital Management's Dan Veru said he feels the markets have bottomed, but he can't comfortably predict a turnaround, so he likes convertible bonds as a place to put money while waiting for stocks to rebound. He said he likes Medtronic and energy driller Transocean .

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