Investors are a fickle bunch.  Many were decrying the lack of a buying opportunity as the market took off on a one way steep ramp up.  Well, we have gotten a bit of a pullback and then it's panic time (when every asset class goes down, I define that as a panic).

It is important to pay attention to the numbers.  The economy grew at 1.8% in the first quarter versus an expected 2.4%.  Some are dismissing it, but why?  I believe this is more evidence that we are not growing anywhere near a level where the Fed will stop QE in any shape or form.  Asset purchases will continue and rates will stay low for a long time.  The curve steepening (long rates rising more than short term rates) will bring out buyers of long term securities soon enough.

That said, it will be a bumpy ride and if the drawdown caused too much volatility in your portfolio, look to sell portions/all of any positions that you don't love when we get a rally.  I can understand why investors feel the market is rigged against them.  It can certainly feel that way.  Look at the movement in LO yesterday where it had an almost $3 range with no real news.  Very difficult sledding for sure.

I am focusing on value and right now the most obvious are the closed end funds trading at significant discounts.  This is true almost across the board, so pick an asset class, comb through the CEF connect website and find a nugget!

http://www.cefconnect.com/Default.aspx