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NEW YORK (TheStreet) -- Increasingly, investors have been asking that I put more cash to work. This includes new clients who have been sitting on the sidelines. It also includes current clients who are depositing checks from their banks into their brokerage accounts.

Guarded optimism and restrained greed have returned. It's not the kind of euphoria that, if experience serves, tends to accompany the end of bull markets. Nevertheless, the new-found enthusiasm is coming as global stock assets are hitting two-year highs. In some emerging markets, in fact, prices are logging all-time record peaks.

In this environment, there are those who are hoping for a 5%-10% correction here in November. They're hoping that excessive bullishness and 10 weeks of vertical movement will give them a better "buying opportunity." The problem is they may not get it.

Here are three reasons to buy 2%-3% dips for the ETFs on your Buy List:

1. Treasury yields are much lower than they were seven months ago.

When U.S. stocks hit their April 2010 highs, the 10-year Treasury note was near 4.0%. Today, it is near a ridiculously low and historically undesirable 2.5%. Money will continue to leave Treasuries for higher-yielding bonds, preferred shares, partnerships and, yes, stock assets.


quest for higher yield

may begin with ETFs such as

Vanguard Dividend Appreciation

(VIG) - Get Vanguard Dividend Appreciation FTF Report


Vanguard High Yield Dividend

(VYM) - Get Vanguard High Dividend Yield Indx ETF Report

, as well as dividend-based index trackers like

WisdomTree Emerging Markets Equity Income

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TheStreet Recommends

(DEM) - Get WisdomTree Emerging Markets High Dividend Fund Report


2. Price-to-earnings valuations are much better than they were seven months earlier.

Consider the simple reality that stocks are at roughly the same place that they were in April. In the seven months that followed -- through a substantive stock correction and an economic soft patch -- corporate growth was vibrant; more than three-quarters of companies beat top-line revenue and bottom-line profit expectations repeatedly.

In other words, the "P" in the price-to-earnings ratio, or P/E, is roughly the same whereas the "E" is much higher, making stocks more attractive on a fundamental basis. This holds true for the

Dow Diamond Trust

(DIA) - Get SPDR Dow Jones Industrial Average ETF Report

with a low 14.5 trailing P/E as well as

Claymore Guggenheim Frontier Markets

(FRN) - Get Invesco Frontier Markets ETF Report

with a published 11.0 trailing P/E.

3. The U.S. Government will temporarily extend all of the Bush tax cuts.

You can worry that the lame-duck Congress will get nothing done on tax policy -- either because it'll be too difficult for leaders to compromise or because of the complexities involved in a compromise. Yet President Obama is likely to punt the football, agreeing to a simple, temporary extension for two years.

With everything in 2010 being the same for 2011 and 2012, particularly capital-gain and dividend tax rates, stockholders will feel no pressure to sell before the end of the year. That means fewer sellers and more buyers. Look for

SPDR S&P Dividend

(SDY) - Get SPDR Dividend ETF Report


SPDR Select Utilities

(XLU) - Get Utilities Select Sector SPDR ETF Report

to benefit.

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Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.