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Don't Panic

Shares are now well off their January highs, but Ebeling Heffernan say the good times are not far away.Investors who have bailed out of the markets will be kicking themselves in two to three months’ time.

I am firmly of the belief recent trembles over sovereign debt in Greece are massively overstated by media reporters who need news, not since Alexander has Greece been at the centre of world affairs. Share prices are now at very attractive levels and that this is a buying opportunity rather than a time to sell.

However, while I believe the majority of the market’s fall is over, investors should continue to expect volatility – in other words, the market may not have bottomed. But monkeys pick bottoms, not serious investors, what I am looking for is value and right now I see value.

The key issue is that in a few months’ time, I expect shares to be higher than they are today and that is all I need to make a Quid.

I would be looking for buying opportunities over the coming weeks and taking large Mid term positions. There has been a gross overreaction to the problems in Greece on financial markets generally. I expect the European Union will move soon to fix it by guaranteeing the loans of the Greek government, and then we will all move onward and upward.

Don’t panic!
Recent falls mean shares are attractively priced.

Sovereign debt issues in Greece, Portugal and Spain are unlikely to cause contagion.

The US economy is on a recovery path.

Asian growth results have been better than expected.

It’s not unusual to get a 10 to 15 per cent correction in a bull market.

Disclosure: Long various markets