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As the markets continue their decline, there are a few stocks I think are now priced at a great value.

Nvidia

Nvidia (NASDAQ:NVDA), due to its downward revision, represents an excellent opportunity for a short-term trade or a long hold. The stock has been oversold on this news, reaching an intraday low of $12.40. Negative momentum could take it lower over the next few days, but you should consider an initial position here because you don’t need to pick a bottom in order to get in on a great value proposition. Short-term traders may take a wait-and-see approach.

Penn Growth

Penn Growth (NYSE:PGH) has sold off, just as the other oil and gas trusts have and even the oil stocks. At an intraday low of $18.64, I am confident you can at least get a short-term trade from it. I have had this stock (and traded in and out many times) for many months and I’ve added to my position yesterday. You might want to hold on to it for a while and collect bigger gains (a $20 near-term is very possible). Alternatively, you might wish to hold it for the 14% dividend yield, paid in monthly installments. But make sure you understand the tax treatment because it is a Canadian trust.

Frontier Oil

Frontier Oil (NYSE:FTO) is another I like both for a short-term trade and longer term hold. If it rebounds strongly look for a trade. Otherwise I’ll hold onto it longer. This oil services company refines and markets oil products. Standard & Poor’s is reviewing the company for an upgrade from its current BB- status. In my opinion, an upgrade will come soon.

Bucyrus International

Bucyrus International (NASDAQ:BUCY) is a mining equipment producer. It has been correcting in price from its pre-split run-up and has hit an intraday low of $59.46. If BUCY makes a bounce before you get in, there is a good chance it will correct back below $60. That would be the time to consider picking it up. I actually missed the buy on this one (I was on a call).

United Health

Finally, United Health (NYSE:UNH) has suffered from the downward revisions and forward guidance seen in the HMO industry. It has also had a few other issues. But this company has been a winner for a long time and any of you that have been reading my articles know that healthcare (and oil) is one of the few sectors I like in the US market. While it has shown no signs of a bottom, you should consider picking some up now and buy more if it breaks below $20. Note that based upon my analysis of the technicals, this one could see the mid to high teens over the next few weeks. Don’t let that possibility scare you. Even at a current price of $22, it is a great value in my opinion. Just don’t load up on it here.

I continue to accumulate Pfizer (NYSE:PFE) and The Greater China Fund (NYSE:GCH) periodically, both for high dividend-yields with long-term capital appreciation potential.

These are stocks that I like based upon Thursday's prices. While they could go lower in the coming days, I like them enough to be willing to buy more if it makes sense from a cost basis standpoint and assuming no material changes have occurred. In my opinion, the valuations are compelling for short and long-term positions. The only ones that look to have some potential additional downside are UNH, FTO and BUCY. I won’t belabor a detailed discussion of these stocks.

You can and should do your own due diligence and determine if these investment ideas are suitable. This article is based on my intraday analysis as of Thursday July 3, 2008.

Disclosure: Author holds long positions in NVDA, PGH, FTO, UNH, PFE, GCH.

Source: 7 Stocks I'm Buying Now