What sort of stocks do you suggest buying in this uncertain time?
Merrill Lynch CEO said today or yesterday that he believes the worst of the credit crunch to be behind us. He said that troubles would most likely continue for 6-9 months, but that the worst is over.
Of course the three banks reporting this week will all report bad numbers, but I'm going to see what their bias is for the future.
I think it may be time to start nibbling at some of these companies. Wachovia, Bank of America are others which might be good buys for the long haul (Wachovia is paying over 9% dividend to boot).
Also, the internet is not going anywhere. If one is afraid of financials one might consider a stock like Cisco when the dust from this week settles. Most are saying tech will hold up well regardless and Cisco has indeed held up surprisingly well over the last few dismal weeks. Cisco is a great company and its CEO John Chambers is solid. All the best.