Afraid of this market ?

Every commentator in CNBC is afraid of this market ?

They are afraid of this market because, S&P 500 has corrected 5.7% from May 1st ?

They all have forgotten that markets do correct in a bull run......normal corrections are in 5% category, but sometimes we correct as much as 10%......

As selling hysteria has hit wall street, i personally believe that there are tremendous opportunity to make money.

As usual traders & investors take cue from Cramer / Fast Money gang, who are NOT known for making money in a disciplined manner.They usual change their mind & trading ideas every 5 mts.

TAPE is pointing to an orderly selling, which MAY have run its course.

RSI in S&P 500 is @ 32.09.....near recent correction low.

Volume in this panic selling is of average level, which is telling me that this selling is tired.

Internals of this market on Friday was NOT extreme, the worst indicator was down volume in Nasdaq led by 7.19 to 1..while declining stocks led by 3.37 to 1 in Nasdaq......these numbers are telling me that selling is met by willing buyers who see value.

Money is made when you have conviction in your OWN due diligence & jump quickly when you see good buying opportunities.

VIX was UP 6.13% @ 18.86, this indicator is also pointing out that they are locking profit in this. VIX should have taken its recent high of 20+, but it did NOT.....

I expect Monday to bring serious buying in quality names.

Here is a list of attractive stocks with low RSI in almost a year :

AAPL 35.10
LULU 48.05
TZOO 31.80
BIDU 36.38
SINA 30.28
AMZN 41.94
POT 52.06
CF 59.10
GOOG 32.99
CMG 41.85
NFLX 54.66
RVBD 38.97
WYNN 31.76
CNQ 37.85

It is highly recommended that you create a well diversified portfolio from this list. This may be the-best idea you heard this week.

Do not worry too much IF you are buying @ the lowest possible level, most cannot.Idea is to load up when almost everyone is panicking.

I can assure you that, there is enough panic in the air.

PS....Had to meet some friends on Friday on a sudden notice. Came back very late, thus no chance to update BLOG...this is a rare occurrence in my life. Before i left, i bought AAPL @ $329.35.

Portfolio is AAPL,LULU & TZOO.

BLOG does NOT give buy or sell.

Saleem