Watching And Waiting

Although I've written over the past week about how attractive I thought stocks were becoming (due to the massive sell off we've seen over the past month), I've done very little buying as I'm watching and waiting.  To be honest, several of the smartest money managers I know have been doing the same thing as the financial mess in Europe has taken over complete control of how U.S. stocks are acting.  With stocks being soo cheap and "on sale", my gut tells me that I should be buying into the market but I don't have the nerves yet. 

That being said, here's a checklist a money manager emailed me a long time ago on when investor should start considering buying stocks (or mutual funds):

1. You no longer want to watch your stock screen.
2. If you have a stock broker, you no longer take his calls.
3. You no longer want to watch CNBC and Bloomberg.
4. You want to throw up in your mouth during trading hours.
5. You are upset when the market opens.
6. You are relieved when the market closes.
7. You have trouble sleeping.
8. You are generally despondent and depressed.
9. You relive your investment mistakes over the weekend.
10. You wish you had become a doctor or dentist.

Funny but unfortunately true...