Highlights include JPMorgan Chase & Co. (JPM) and General Motors Corporation (GM).

Worries about the financial sector caused the S&P 500 (SPX) to trade below 800 for the first time since November. As I write this, JP Morgan (JPM) is down by more than 8%.

The auto sector isn't helping, either. Shares of General Motors (GM) are plunging by about 12%. Today, both GM and Chrysler are required to provide plans about how they will turn themselves around. GM has been in talks with the UAW (United Auto Workers) about concessions.

Perhaps the biggest catalyst is the realization that the global economy is getting weaker. I don't remember a time when so many people have talked negatively about the economy. Even at the gym, I overhear people talking about either how their business is struggling or how they are happy just to be employed.

Plus, both fundamentals and technicals pointed to lower stock prices. Earnings estimates have been cut across the board, as 2009 profit projections for the S&P 500 have been cut by more than 30% since November. The Dow Jones Industrial Average ($DJI) has been setting lower highs.

We are in a recession, and during periods of economic turmoil, stocks will fall. This does not mean you should stop looking for investment candidates. Quite the opposite -- uncertainty brings opportunity. You just need to be patient and selective. Keep looking and you will find good bargains.