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If you have been watching the news at all today you have probably already hard of Boone Pickens and his new plan to help our country become less dependent on foreign oil. The Texas oil tycoon is making all the rounds trying to get the word out about his new website PickensPlan.com. Earlier today Pickens was on Squawk Box touting his plan, and also had a major article in today's USA Today.

The basics of the plan are that Boone Pickens believes America should utilize wind power as a major source of our electric power generation. He believes that more than 20% of our country's electric power usage could be wind generated within the next few years. Pickens is putting his money where his mouth is and building the world's largest wind farm in Texas.

So how does the wind power help our situation with gasoline prices? Pickens believes that natural gas is the cleanest form of transportation fuel available today. The problem is, our country doesn't use natural gas for transportation becaue it is being used for electric generation. Pickens believes that since these natural gas resources are cheaper (less than $1 gallon right now in some places) and are available in the United States we should use these for fuel transportation. By using our country's natural gas resources we could dramatically reduce our need for foreign oil, which in turn should drive down the price of oil substantially.

Today was one of those days on wall street where there are violent intraday swings in both directions. The market opened strong, but by 2 pm the Dow was down more than 160 points. Between 2pm eastern and 3:45 the Dow jumped back into positive territory for the day, before sellers rushed back in and the Dow finished down by 57 points. If you just pick up the paper and see the final numbers on today's trading you'll think it was a monotonous minor selloff, but that was far from the case.

Why do these kind of violent intraday swings happen in the market? When do these swings usually take place? How can you profit from this extreme volatility? These are the questions I will attempt to answer in this post.

On Thursday the June employment report was released by the Labor Department. The news wasn't good, but it could have been worse. Employers cut 62,000 workers in the month of June and the jobless rate held steady at 5.5%. Also in the report, April and May's job losses were increased by 52,000 total. Through the first half of 2008 the U.S. economy has now lost 438,000 jobs.

Let's put the job losses into a little bit of perspective. In 2002 during the most recent economic recession job losses were averaging over 200,000 a month. What we are seeing right now is not the sign of a deep recession, but there are some signs it could be getting worse rather than better. Just this past week the jobless claims jumped to 404,000, the highest level since March. In general any number above 400,000 is considered recessionary. Any continuance of an increase in the jobless claims numbers will almost certainly show up in the next couple employment reports.

As we all know, the stock market has been hit very hard in the last few weeks. There are many blue chip names that have been beaten down to levels they haven't seen in years. While it may not seem that way right now, there are going to prove to be some real deals in the long run on some companies that have proven themselves time and time again. These are five names that I believe could prove to be a value at today's price sometime in the not too distant future.

Top 5 Beaten Down Blue Chips

1. General Electric (NYSE:GE) There isn't one thing that stands out in my mind as a reason to buy GE except for the fact that this stock is just too cheap on a historical valuation basis. The stock trades lower today than it did 10 years ago. The dividend yield is a very impressive 4.62%. Give this company time to turn it around and rake in the yield while your waiting.
2. Walgreen Company (NYSE:WAG) WAG isn't even my favorite name in this space, that is CVS Caremark (NYSE:CVS), but this company has proven itself numerous times. The company got slightly behind when CVS joined with Caremark, but Walgreen is getting things back together. They are cutting costs nicely and should be able to return to constant double-digit earnings growth.
3. UnitedHealth Group (NYSE:UNH) Anything that can possibly go wrong for UNH has done so in the past couple of years. The whole managed care group has been beaten down badly in the last few months because of a major slowdown in earnings growth, but the business isn't going away. Warren Buffett is still buying this name as it drops, which is a good reason to consider it.
4. The Coca-Cola Company (NYSE:KO) This stock hasn't taken the lumps that the first three have, but it has been surprisingly weak of late. The stock yields 3% and trades just barely higher than it did 5 years ago. The weak dollar should help them benefit quite nicely.
5. Starbucks Corporation (Nasdaq:SBUX) Starbucks was an amazing stock for years, but the tables have turned quite quickly of late. The stock is down 40% in the last year. Starbucks just today announced that it will close 600 unprofitable stores to help cut costs and get things going on the right path again. They will never be able to get back the outrageous growth rates they previously had, but this company isn't going away anytime soon.

In a tough market like we have right now you will hear a lot of experts say that high dividend stocks are the safest stocks to be in. This notion is true, but there is one big caveat, only if their dividend is safe. The amateur investor can login to Google Finance or Yahoo Finance and check for the highest yielding stocks and just buy the very highest, but trust me when I say it isn't that easy.

Like many other things in life, if a yield seems too high to be true, it probably is. Case in point is KeyCorp (NYSE:KEY), which on June 12th announced it would be cutting its dividend by 50% because it needed to save money and raise new equity.  Those investors who had decided to purchase KEY just before that because of its great dividend were surely disappointed. This is just one example, and it can certainly be much worse in some circumstances. When companies are having a great amount of financial difficulties it isn't unusual to see them get rid of their dividend altogether.

Currently the highest yielding stock on the S&P 500 is MBIA (NYSE:MBI). The stock is yielding 32.61% despite the fact that it is widely being rumored to be a possible bankruptcy candidate in the near future. Do you really think this is a good stock to buy based on a great dividend payout? Of course it isn't.

So what kind of dividend stock is the type you want to look for? Look for a company that is growing earnings at the same time it is growing its dividend. You don't want the dividend yield to be high because the stock has fallen to the lowest of lows, rather you want a stock that has a good solid dividend yield because the company raises its yield consistently. A good example of this is Johnson and Johnson (NYSE:JNJ). The company yields just under 3% a year, but has raised its dividend payout for an unbelievable 46 straight years! Now that is a dividend stock that an investor can count on.

Don't be lured into thinking that the highest dividend yielding stocks are the best dividend stock investments. Do your research and check out the financial standing of the company. In order to growyourfunds you can't take the easy way out!

One of the most interesting websites I have seen that has been recently created is howispentmystimulus. The site is dedicated to collecting stories from people who have received economic stimulus checks on exactly how they used that money. How does it work? First, you simply go to the website and click on the tell your story button at the top of the site to get to the entry page. You then must upload a photo of either yourself or your purchase and then you start typing up your story in 250 characters or less. After putting your name and address information in the entry, you'll be ready to submit your entry. The entry process itself is very simple.

The site puts all the entries into categories so that users who browse to the site can see what categories have the most entries. Currently, travel and vacation is just edging out vehicle and gas for the top spot on the list. The debt and credit card section is fourth and the invest/save section is ranked sixth most popular. Based on my earlier post regarding what you should do with your stimulus check, you know that I believe the wisest move is to pay off all your debts and whatever is left over, invest it.

All across the street today there was a heated discussion going on of whether the Federal Reserve is to blame for the recent market action and today's steep losses in all the major indices. Many out there were saying that by holding rates steady yesterday the Fed was abandoning its strong dollar and inflation fighting policy stance. Larry Kudlow, who has a nightly show on CNBC, made his opinion known tonight. Kudlow said that he believes today's action was certainly because of the Fed and that oil and gold prices today back that up. He is certainly not alone in his thoughts, as many on the street believe that the Fed has dropped the ball and that prices are going to get much worse in a hurry.

Are those who believe the Fed is being too soft on inflation and the dollar spot on, or are they off the mark? This is a very difficult question which has more than one logical answer.

Things got very ugly today on the street as stocks were hit with their second largest down day this year. Good news was nowhere to be found today as oil topped $140, and Goldman downgraded General Motors and Citigroup. The Dow tanked by 358 points. The Nasdaq plunged 80 points. The broader S&P 500 fell 39 points, or 3%.

There was nowhere to hide in the stock market today, but the biggest sector losers were financials, technology, and capital goods.

Bank of America (NYSE:BAC) shares shed another 6.76% and hit a new low today after announcing it will layoff 7,500 employees after the Countrywide deal closes. American Express (NYSE:AXP) hit a 5 year low today, falling 5.01% on strong volume. Fannie Mae (NYSE:FNM) shares plunged by 7.15% in today's trading. NYSE Euronext (NYSE:NYX) fell 5.07% and hit a 52 week low. Principal Financial (NYSE:PFG) also hit a new low today, falling by 7.6%.

Tech stocks were hurt by investors belief that Research in Motion future forecasts cast some doubts about tech spending in the next few quarters. Baidu.com (Nasdaq:BIDU) shares lost 5.22% on average volume. Salesforce.com (NYSE:CRM), which has been one of the strongest tech stocks of late, fell by 5.12% today. Sandisk Corporation (Nasdaq:SNDK) fell 5.05% and has now lost almost 60% in the last year. MEMC Electronic Materials (NYSE:WFR) fell 5.23% as all of the solar plays weakened throughout the day.

The capital goods sector was also hit hard today. Jacobs Engineering Group (NYSE:JEC) fell 5.14% on the day as the construction services group fell across the board. Manitowoc (NYSE:MTW) plunged more than 7% on the session. Lennar Corporation (NYSE:LEN) shares plunged 8.44% during the session, but are rising afterhours as the company reported smaller than expected losses.

Notable 52 week lows

• Honeywell International (NYSE:HON) Shares fell by 4.58% on the session.
• Las Vegas Sands (NYSE:LVS) Shares lost 5.98% and are down 53.49% in the last 6 months alone.
• Allegheny Technologies (NYSE:ATI) This company is in a space where most companies have done well, but they have missed out in a big way.
• Valero Energy (NYSE:VLO) If you want to look for the weakest large cap energy stock in the past few months, this is it. It lost another 5.69% today.

There are many ways to interpret consumer confidence reports and how useful they are to predict consumer spending trends, but there is no denying that today's report was shockingly weak. The Consumer Confidence Index dropped to 50.4 in June, well below expectations of a decline to 56. This is the fifth weakest level ever recorded by this index and it is the weakest since 1992.

What really stands out to me inside this report is the future Expectations index. The future Expectations index hit an All-Time low, plunging to a terribly discouraging level of 41. This index tracks how consumers feel about the future of the economy. Obviously, consumers across the country are expressing their belief that the economy is going into the tank in a hurry.

It's the continuing story of the rich getting richer and the poor getting poorer on wall street. No I don't mean traders, I mean the sectors that have done well continue to do so, while those that have lagged the market are accelerating to the downside. Today the Dow fell by less than one point, while the Nasdaq was down by 20 points. The S&P 500 was almost exactly unchanged.

It was a completely tug of war on wall street as the energy and basic material sectors pulled the market higher but the financials and the transports drug the market lower.

Take a look at the damage being done in the financial and transportation sector as far as the 52 week low list. All these names hit new 52 week lows today:

52 week lows in the financial and transportation sectors

• Bank of America (NYSE:BAC) Shares fell 4.5% as the company continues to be dogged by its impending takeover of Countrywide Financial (NYSE:CFC).
• Wells Fargo (NYSE:WFC) Wells Fargo has actually been one of the best performing banks through this credit market meltdown, but it has been hit some of late as well.
• MBIA Inc. (NYSE:MBI) This stock plunged another 13.77% today and bankruptcy fears are starting to mount.
• Northwest Airlines (NYSE:NWA) This stock plunged 17.27% today as its CEO blamed speculators for the high price of fuel NWA is paying for.
• Jet Blue (Nasdaq:JBLU) JBLU shares fell 6.58% and are now trading below $4 a share.
• Ameriprise Financial (NYSE:AMP) Even this financial planning behemoth is feeling the pain these days. Warren Buffett got off board and the market has followed his lead.

At the same time these stocks are floundering because of economic worries, we have other companies who have no issue with where the economy is right now. The problem with that is they are basic material and energy names. This means that consumers are paying outrageous prices at the grocery and the gas tanks, but I'm sure that you already knew that unless you live under a rock.

In fact, despite the overall markets weakness of late there are a few notable new 52 week highs in this group today.

52 week highs in the energy and basic materials sectors

• National Oilwell Varco (NYSE:NOV) This stock surged another 8.36% today. Can the times get any better for them?
• Halliburton Company (NYSE:HAL) Shares jumped 5.96% after news the company is giving up its pursuit of Expro.
• United States Steel (NYSE:X) This steel powerhouse has been a steady gainer in the last few days and hit a new high today.
• Helmerich and Payne (NYSE:HP) For a stock that went nowhere for so long this thing is on the move in the last 6 months in a huge way. The stock has gained almost 100% in 6 months time after sitting near unchanged for more than 2 years before that.
• Praxair (NYSE:PX) Slowly but surely this thing continues to hit new highs on strong volume.

Basically the main loser in this is the consumer. The two groups that are doing so well are only doing well because of huge gains in prices that are being passed on to consumers. It obviously also isn't in the best interest of consumers to have transports or financials doing so poorly.

When will this trend end? There is no end in sight, but things certainly will change over time. In the past as the street was the most negative on these sectors they turned it around, and it will surely happen again, but when?