The markets are down again for the 4th straight day on further concerns over the Chinese economy as well as new details that have emerged regarding Spain and their fiscal/monetary debt (mind you this is not NEW news b/c I've been writing about this for a while). As I've said, I'm still looking for the markets to move sideways if not slightly down over the coming weeks as investors digest the gains we've seen in the first quarter. Because of such, I've been trimming down my stock and mutual fund positions and building up my cash reserves so that when stocks come down in price, I can redeploy the funds and pick up stocks at better valued prices.
Here are some of the stocks I'm watching and looking to buy and or add to when they reach these prices:
Yahoo (currently priced at $15.20)- I think the stock represents great value at its current price and I am looking to add to my already existing position at $15 or so
Citigroup (currently priced at $36) - already own it but would add to it below $33
Etrade (currently at $10.75) - already own it but would add to it below $10
KKR Financial (currently at $9,15)- used to own it but would buy it back around $8.15 (stock also pays a hefty 12% dividend)
Clorox (currently at $68.35) - used to own it and would buy it back below $65
Verizon (currently at $37.73) - would look to buy it below $34 (pays a 5% dividend yield)
Research in Motion - would look to buy it below $10 (maker of the Blackberry)
Chimera Investment Group (currently at $2.85) - already own it and would look to add to it now (pays 15% dividend yield)
Brocade (currently at $5.75) - already own it and would look to add to it below $5.30
Bank of America (currently at $9.45) - would look to buy it below $8.50
Freeport McMoran Copper and Gold (currently at $37.15) - would look to buy it below $32
Ford (currently at $12.32) - would look to buy it around $11
CSX Railroad (currently at $21.75) - would look to buy it below $20
Dell (currently at $16.15) - would look to buy it below $15
General Electric (currently at $19.74) - would look to buy it around $18
All of these stock buy ideas are based on "value" and what I perceive to be an attractive risk/reward scenario for owning these stocks (of course the investment ideas I've mention are neither a recommendation to buy/sell, but rather stock prices that I'm keeping my eyes on).
With respect to mutual fund investments, I am not adding to any of my funds as of right now. I am waiting for the overall market to come down in price before I start adding to any current positions and or initiating any new investments. I would still stay away from European and Asian investments as I still see a number of economic and social issues in those regions.
Somewhat of a boring post this morning but as Willie Nelson said in his song Fast Train To Georgia that he sang with Sammy Smith (a famous country singer from the 70's), "that's all I got".
