The stock market once again today acted absolutely terrible. Earlier on it looked like stocks might make a recovery attempt, or have some type of relief rally, but as the day went on the sellers came back. The Dow Jones Industrial Average was up by about 90 points a little before 2 pm, but had fallen by 167 points at the 
close of the day. The NASDAQ closed off 40, and the S&P down 20.
The leaders on the downside were the usual suspects. Countrywide Financial Corporation (NYSE: CFC) fell about 14.5% on further credit worries. Lehman Brothers Holdings Inc. (NYSE: LEH) lost another 3.5% falling to a 52 week low. Interestingly, some tech bellweather names that have managed to do quite well during recent market falls did not fair so well today. Apple Inc. (NASDAQ: AAPL) fell about 3.5% and Juniper Networks, Inc. (NASDAQ: JNPR) lost 5.25%. The fact that some of the best performers on a relative basis performed poorly today is showing me that there are fewer and fewer safe havens in this market.
Watching CNBC it seems more and more people are becoming quite a bit more worried and negative, which could very well be a good sign. Many traders and analysts alike are shocked that the market cannot seem to even get a so called "dead-cat bounce" at this point. The more people I hear say they don't want to buy because things are so bad, the closer I feel we are to a buying opportunity.
I believe that this is a time you should certainly be going to some of the top stock research sites on the web and be putting together a list of quality stocks that have been hurt in this recent downturn. There are certainly plenty of stocks out there that have been sold off unfairly, so now is the time to do your work in finding them. I am going to wait a little bit to buy, because there will likely be some more days like today, but once the time comes we need to be ready. Stay tuned, in the next couple days I will provide a list of some of the names I believe have been beaten down unfairly and deserve a look.
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