Time to do some buying

• The Dow is now down 14% from it's peak.
• The S&P 500 is down 15% from it's peak, along with the NYSE composite.
• Housing starts are at a 16 year low, the NASDAQ Comp is 16% off it's high and only 16% of CEO 's expect general economic conditions to improve in the first half of the year.
• Retail is in the worst slump in 17 years, and only 17% of CEO's see economic conditions in their industry to improve in the next six months.
• The NASDAQ 100 is 18% off it's high.
• The Russell is now down 20% from it's peak.

Where's 19? It's not the October 19th of Black Monday in 1987, even though it feels like that. It's the October 19, of 1999 when the 60th anniversary of the Wizard of Oz was released. And after serving 19 years, Greenspan, the maestro behind the curtain relinquished his chairmanship to Bernanke, who on July 19, last year, assured the world that sub-prime was contained. He should watch the wizard behind the curtain!

This Fed is behind the curve, and oblivious to the curtain. But his actions are so alarming to market participants they are puking up stocks in disgust. The result? Wonderful prices across the board in stocks.

With rate cuts coming, and a congressional stimulus plan, it's not time to lose your heads in an emotional market.

It's time to do some buying and to cover some shorts. It's the quickest way to the yellow brick road!