Comments from the Fed today with regard to inflation have hurt stocks. I think inflation remains a key issue, and investors are wondering what might happen with interest rates. This definitely isn't the time to be into much in the tech industry or anything remotely speculative. I think there are some great companies that are starting to trade at levels that are great. I like Bank of America (BAC) and Johnson and Johnson (JNJ) at the levels in which they are trading. You need to have that built in "margin of safety" when you make an investment. AT&T (T) looks like it can't be touched here in terms of present and future value. Their acquisition of Cingular Wireless is looking like it will pay off. The anticipation of Apple's iPhone, which will be carried exclusively by Cingular is helping both companies. According to AT&T, they have received over 1 million inquiries on the new product. The only problem is that the market is aware of all this, and the stock isn't very cheap. It is a good investment, but the upside in the near term is probably only a couple of points.
I'd love to hear ideas or input on what is a good looking investment under current conditions.
Thanks, and good luck!