Still on board the wrecked ship ?

Well, the current turmoil hit all sectors & at a global level.

It is an interesting case study to see how we live in a global economy that even fraud & bad moves in one sector in a country can cause turmoil all over triggering such an overeaction.

Yes, "cash is king" right now for those who were in that position & now can start picking up in nibbles.

It also appears to be a 'once in a lifetime opportunity" to pick up financial ETFs.

The thought that always crosses the mind now is that you can fire the analysts (as always,.... though they do influence the ups-n-down in short run) ; throw the technicals out of the door (they have no meaning right now in this market), & perform your analysis on fundamentally strong companies & ETFs.

This oversold scenario after hitting quite hard has made UYG, SSO, DDM, UWM, UNG, EWH, EWZ as very attractive ETFs.

Along the same lines, equities such as C, GE, INTC, MSFT, TSO, PCU, FCX, FLR, KFT, TXN, MOT, ISRG, BA, MCK, STJ, SYK, .... (we can go on & on).

So analyse a few scenarios where you can buy some strong positions & then sell covered calls against them, for example UYG below 10 is great with a covered call for November yielding an execellent return or selling a PUT for November strike price of 9.

Alos, analyse simply buying LEAPS for strong companies, (for example Jan 2011 call for INTC strike of 15 )and then wait for some upward movements to sell a call against such positions.

Now of course, many though that we had hit the bottom couple months ago, & were wrong. but right now, it seems we may be there.

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