With the current situation, a lot of great stocks look like they are on a bargain basement sale. Even financials – most of whose stock prices are hurt more than justified by the current scenario. Wachovia, Bank of America etc. are amongst the bright spots today because they have become so cheap that is makes no sense not to buy them. The P/E of Morgan Stanley has fallen to 6.6!
It might even be time to get some techs with GOOG well below 500 and AAPL more than 20% off its 52 week high. In fact everything looks like a great buy. The stock market feels like a Big Lots store. Enjoy your shopping while it lasts.