CNBC’s Ron Insana urges investors to be careful in re-entering the market amid the recent volatility.

“While I am, and have been, concerned that China's best days are behind it, I remain convinced the opposite is true for the U.S.,” he wrote in a commentary on CNBC.

“The bull market may have been interrupted with the first 10-percent correction in nearly 4 years, but the bull has room to run,” he said. “Go shopping on Wall Street. Don't binge, though, buy selectively and in a disciplined matter. That's how the pros make money in times like these. Follow their lead,” he said.

“Individual investors can pick up some stocks that are on sale, good blue-chip companies that are down 20 percent, or more. Disney, Apple, Gilead, among others, have been taken out and shot. They are good, solid companies with continued growth prospects and stories that remain intact,” he said.

But for true stability to return to markets in the long run, he said two conditions must be met.

“First, Chinese officials need to take appropriate and effective steps to shore up its economy and market,” he said, adding that Beijing is headed in the right direction.

“Second, the Federal Reserve may need to step in and convince domestic investors they will stand ready to support stocks by delaying an anticipated September rate hike.”

Not only are many experts calling for the Fed to delay a rate hike, now some prominent voices think the central bank may actually launch more easing in the future.

Ray Dalio, the founder of Bridgewater Associates, the world's largest hedge fund, said the firm believes the next big move by the U.S. Federal Reserve will be to loosen monetary policy, not tighten it, Reuters reported.

"The ability of central banks to ease is limited, at a time when the risks are more on the downside than the upside and most people have a dangerous long bias," said Dalio, who helps manage $162 billion at Bridgewater. "Said differently, the risks of the world being at or near the end of its long-term debt cycle are significant."

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