The market got some (more) bad news today as far as employment and earnings, as well as the dismal sounding minutes from the Fed meeting that came out yesterday.  So with that ends the New Years rally that seemed a bit too cheery, with all of the bad news and bears still out there.  So this hopefully is the beginning of the pullback I was waiting for.

So now is the time to be ready to pounce.  We're back down into the 8700s right now as of 2:30 on Wednesday.  Hopefully that downward motion will continue to put the breaks on any premature ephoria in the market that we saw so far in 2009.  As that happens it presents us with another marvelous opportunity to buy pretty much everything at a big discount.

I am watching most closely for a chance at some of my favorites like Reasearch in Motion (which is actually up a good bit today), Administaff, Yum!, Verizon, and Scotts-Miracle Gro, among others.  Look for companies with good balance sheets, room to grow, dividends, and discounted prices.

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On another note, I've been hammered pretty good today.  The Obama administration made some comments on possibly tightening regulations on the pay day loan industry, which killed my EZ Pawn that was up 12% in or so a week to now be down about 7%.  Grrr.  And Royal Carribbean and stocks like that are the first to get hammered when the market goes down because they are so comsumer discretionary.  I may have to think twice before owning risky stocks like that again--not sure I have the stomach for it. But I'm not too worried about it since I'm not looking for a quick trade on either.