IntuitionIt all comes down to time frame. As Oilyman says "buy...

Intuition

It all comes down to time frame. As Oilyman says "buy for the long-term".

I have no idea where the market will be in 3 6 or 12 months. BUT, the dividend yield and PE on a large number of blue chips, and good quality mid-caps, is extremely compelling:

QBE, PPT, major banks, ALS ...

I'm NOT saying there is not downside (ie. today most will likely be down) and that they will not be cheaper, even potentially much cheaper, in the future. But with a lot of these stock 20 to 30% off their high, PE ratios of around 12, dividend yields of 5.5% (plus) fully franked, it is hard to say they are not fairly good value.

If someone is totally out of the market at the moment there are definitely good entry prices for the long-term investor.

MJS