Take Advantage of Momentous Market Decline with These Dow 'Cash Cows'

NEW YORK (TheStreet) -- Opportunities like this one don't come along very often. The "death-of-the stock-market" feeling is sweeping over Wall Street just in time to pave the wave for the Fed's next iteration of QE3.

Yet perhaps the political ploys involved in the current equity bloodbath are programmed to take the stock market averages even lower...sickeningly lower!

There are many fundamental and technical reasons to believe that the stock market could move either direction from this point.

A dramatic freefall between now and the next Federal Reserve Board's Open Market Committee meeting scheduled for June 19-20 would be very convenient.

It would virtually assure the kind of economic stimulators that would make stocks and commodities rebound with a vengeance.

What to invest in between now and then is a head-scratching conundrum. The most prudent course may well be to "get ready, get set, but not yet".

In other words, take aim at the kind of cash-rich, conveniently overlooked companies that are likely to correct in the course of the current phobias surrounding Europe ,and what Germany will allow.

For instance, many investors may be overlooking one of the darlings of the Dow Jones Industrial Average which also happens to be the longest-surviving member of that elite corps of 30 companies.

Yes, I'm referring to General Electric (GE). GE is a company so important to the American economy that last year President Obama asked its CEO, Jeff Immelt, to head his outside panel of economic advisers, replacing former Federal Reserve Chairman Paul Volcker.

GE has an enormous amount of debt, yet it's still able to sustain its 3.7% dividend, and from my perspective has a kind of implied "full faith and credit" from the central bank of the U.S. behind it.

That means it's too big to fail and too important to neglect. The reach, scope and breadth of its businesses are so vast it takes an entire page on its website just to introduce them.

Originally GE was an energy company, producing, selling and innovating from the beginning of the power generation pipeline to the very end -- the light bulbs illuminated by that power.

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