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My first day back from vacation and the market takes its biggest hit in six years. Some of my high fliers such as Suntech Power (NYSE: STP) and FuelTech (Nasdaq: FTEK) have taken a big time beating. Suntech Power has gotten the worst of it being a Chinese company. What this downturn has done is made some quality stocks cheaper and more attractive. I plan to either buy the following stocks or add to my position in the near future depending on the overall market conditions.

Here’s my list (in no particular order):

• HDFC Bank (NYSE: HDB) and ICICI Bank (NYSE: IBN) are two of India’s largest private banks and have been on a tremendous run for a while now. They have both taken a small hit not only due to the market downturn but also because of the Indian Budget which was just released. After my recent visit to India I am convinced that this is one sector I definitely want to be part of during these booming times. I am planning to write a separate column about my trip and the banking sector. I recommended both of these stocks last May buy for some odd reason didn’t but them myself. Trust me, I am still kicking myself for it.
• Suntech Power (NYSE: STP): Suntech Power has taken a major beatdown in the last three days and I am still not convinced if the beating is over. I am still comfortably up in my position and actually bought a call option on Tuesday as well. I don’t see anything fundamentally wrong with the company and expect it to recover once the market settles down.
• FuelTech (Nasdaq: FTEK): My Fuel Tech position has gone from a nice profit to a small loss in the last three days. The company has won some nice contracts from the Chinese government due to its preparation for the Beijing Olympics. I still see tremendous upside for this company. Hoping to see a bounce before Q4 earnings are announced next week on Tuesday.
• Boeing (NYSE: BA): With the troubles at Airbus going from bad to worse it’s time pay close attention to Boeing. After looking at the boom in air travel in India, I am convinced that Boeing is the way to go.
• Under Armour (NYSE: UA): Under Armour hasn’t taken as bad of a beating as I would expect from a so-called overvalued stock in the last three days. The stock has hanged in there but it might not survive too long if the market continues to go south. If that is the case I am going to add more Under Armour to my already long position.
• American Superconductor (Nasdaq: AMSC): This company has been on a nice run the last few weeks. Being one of the few pure play Wind Energy stock also helps. I am already up more than 100% on my Jan 08 call options which I am planning to hold for now. One of the few stocks that has been on a uptrend the last three days.
• Infosys Technologies (Nasdaq: INFY): I don’t think Infosys needs any introduction. Another stock that has taken a big hit this week.
• SiRF Technologies (Nasdaq: SIRF): The 5-day chart on this GPS Chipmaker looks pretty ugly. SiRF proved the naysayers (like me) wrong the last earnings release. SiRF’s monopoly in GPS chips is dwindling but the overall market is growing.

Full Disclosure: I am long STP, FTEK, UA, AMSC. I don’t have positions in BA, HDB, IBN, INFY or SIRF.

Source: Eight Long Ideas From This Week's Downturn