Even an agreement on the draft of the $700 billion bailout bill couldn’t raise US stocks today. The Dow (DJI) sank over 300 points in the first hour of trading today.

Money Map editor Horacio Marquez says the financial meltdown is dragging down shares of even the strongest companies; but short-term volatility aside, these firms will rebound sharply. This means plenty of contrarian bargains.

Horacio says oil-and-gas company Suncor Energy (NYSE:SU) is a good example. It’s expanding production in the Canadian tar sands. And a strong cash flow and low leverage ratios make for a healthy balance sheet.

Brian Hunt finds contrasting fortunes at America’s borders. Oil production in Mexico is tumbling, setting off alarm bells over economic growth and government revenues. At the same time, Canada ramps up output of the black stuff at the world’s largest safe deposit. Brian says the world will need to invest billions in new oil exploration in the coming years. In the meantime, he sees Canadian oil as a safe investment bet.

Earlier this month, I questioned whether the recent spike in oil prices was a potential bubble. The price of crude has more than doubled in a year and there are some reasonable doubts whether oil can maintain these levels.

In yesterday’s column, we heard the market’s wildly bullish opinion of the oil services sector. The all-time highs in those who drill, pump, and transport tell us that billions of dollars are flowing into oil service order books.

Venezuelan President Hugo Chavez said a few months ago that if the United States invades Iran, we could expect to see oil at $200 a barrel. With oil already approaching the $120 mark, we may get there even without invading Iran.