10 Questions Roundup: Where's the Market Heading, and What Looks Good?

Let's face it, the stock market is looking about as safe and clean as Times Square in the 1970s.

Last week the Federal Open Market Committee shocked investors by slashing the key fed funds rate by 50 basis points earlier than anticipated. Despite the market's gaga one-day rally on the news, things look ominous from nearly every angle as some fear that we're riding right into Recessionville.

Yes, the tech-laden Nasdaq Composite Index is down more than 50% from its March 10, 2000, peak, but tech spending and tech stocks' earnings are still sagging. That makes today's valuations still look rich. But traditional defensive sectors like financials, utilities and energy stocks are coming off a hot year and don't look that cheap, either. ...