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Raymond James' Chief Investment Strategist Jeff Saut's latest weekly commentary is entitled 'Roger Redux?!' and he examines the recent market action. He is still cautious on the markets until signs of a bottom from the current downtrend emerge. That being said, once the market fights off this correction, he feels that the market will "trade to new reaction highs."

Saut then offered a few stocks they've kept their eye on for potential purchases. He specifically highlighted North American Energy Partners (NYSE:NOA), Walter Energy (NYSE:WLT), and Cenovus Energy (NYSE:CVE). We've also previously highlighted their list of analysts' best stock picks for 2010.

You can read the rationale for the aforementioned stocks below in the embedded document of Jeff Saut's investment strategy:

You can download the .pdf here.

For more insight and investment strategy head to Jeff Saut's 2010 market outlook, as well as his commentary from last week.

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Source: Jeff Saut's Weekly Investment Strategy