The market seems fairly set on "selling the news" during the start of earnings season. We also had the major announcement of the restriction of various trading activities for the big banks. Something tells me the likes of Goldman and their friends will find ways around these rules.
Hopefully this sell off, which is largely in financial shares (which I don't care to own), gives us opportunities to pick up shares in companies we do like for a discount.
Etrade has been interesting for a speculative play. It is, however, no secret, and the stock has seemed to have a bid under it. I would like to pick up some shares as their operations are improving and a deal with another broker appears likely.
I also like Loews shares, which I've mentioned many times. I'm being patient here as stocks are falling, but these shares are undervalued. One of the problems with Loews is the market doesn't like to give them their due with regard to realizing their value, and it may take spinning off one of the companies, or a spike in energy prices, for this to happen. Meanwhile, Loews management seems content to buyback their own shares
There are a handful of other stocks I'm following as well. Although I haven't bought anything yet today, I'm definitely getting closer. I did buy some shares in ACAS last Friday around 3.89, and that trade has started off well.
On days like this, you have to give the market a little breathing room, and if you do buy, don't jump in too big. I'm still pretty bullish overall.
Disclosure: Long ACAS