[Fish2006]

... its been awhile, but now that we have a downturn/buying opportunity, it is time for some new picks.

I am buying anything in financials right now... especially Goldman (GS). GS under $200 is a steal. The subprime problems are already baked in. Citi (C) is also good here under $50. In the case of Citi, you get a nice dividend, and the downside is rather limited.

Look for blood in the streets. Generally, companies like Lennar (LEN), Toll Bros, and others, are down several percent. While they look like falling knives, if we go down another percent or two, it might be a good time to start scaling into some positions in those names. Housing isn't going to zero, no matter how gloomy it may look right now.

I just got back from a 3 week stint in India. International isn't stopping anytime soon. There are entire countries (India included) - that are, basically, giant construction zones. Stay with infrastructure plays like GE and FLR. Use this pullback to add to positions.