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Outlook from here. Bull or Bear? My view and why

The market has taken us for a crazy ride over the past few years. The are a number of reasons why, primarily all of this uncertainty looming over the market combined with the fear.  

I still think there are some really good buying opportunities out there.  Good buying opportunities are presented when others are fearful & irrational, acting solely on emotion. 

As long as you approach your investment in the following way, I think you will be on the winning side of the trade in market conditions like this:
1- Set a investment horizon on your investment with a minimum of 2-3 years.  You have to give your investment a chance to perform or mature
2 – Look for companies with little or no short-term debt
3 – Look for companies with relatively low PE ratios
4 – Look for companies that have a Tangible Book Value per share value close to or below the current market price
5 – Look for companies that have a durable competitive advantage versus their competitors
6- Look for companies that have strong leadership or mgmt and integrity
 
The market has recently been selling off because all of the uncertainty looming over the market, such as:
1 - Fears of a sovereign debt crisis.  The lack of confidence displayed by Germany in the EU’s bailout plan for Greece. Also, the perceived lack of credit quality in Spain, Italy, & Portugal.  The depreciation of and lack of confidence in the EURO.
2- The perceived lack of integrity of Goldman Sachs - GS runs the show on the street and historically has been viewed as one of the most prestigious US Financial Institutions.  If people can't trust GS, who can they trust?
3 - Unemployment Rate still extremely high
4 - Political Uncertainty on Regulatory Actions on Derivatives and Proprietary Trading in the US. Making it hard to determine a fair value within the valuation process.
5- China's Housing Bubble - Even though China has started to tighten the lending, housing prices are still appreciating significantly. Too much?
6- The Massive Sell-Off or Trade Glitch on May 6th - It showed how quick one's investment can be depleted.  Deeper mistrust in the structure of the system.
7 – Lack of Trust or Mistrust - After witnessing all we have over the past couple years. ie.  The mortgage meltdown, Lehman collapse, huge increase in US Deficit, etc...The main street investor (people whose   occupations that do not deal in capital markets) doesn't have trust in the system.  When & how long will it take for that trust be gained back?
 
Current Opportunities - My Analysis:
Given all of the negative factors above, prices for certain companies are at or near historical lows.  I believe the main reason for this is more so due to a broad market sell-off.  There are companies that are currently undervalued because the broad market risk in general is perceived as being too high.  The sectors I have focused on are Energy, Financials, Materials, & Specialty Retailers. 
 
After the collapse of Lehman, it showed that a sovereign administration can not allow for a large institution to collapse.  Therefore, I believe there is an artificial margin of safety provided by Government Intervention.  Are things really going to change any time soon?  Probably not, but human nature will cause confidence in the system to increase over time, therefore increasing the market's total volume, hence more liquidity, eventually driving prices up which in turn will provide higher returns.  As we all know, the primary driver of the market is confidence.  Also, over time the issues mentioned above will reach a final determination at some point.  When that happens more certainty will be established.  Additionally, there is so much political pressure on government administrations that eventually they will end up doing anything they can to keep their political parties in power or to maintain social order.  Lastly, having personally witnessed the massive sell-off in 2008 and having seen the market rebound to current levels.  I think this situation we are facing today will play out very similar.