Icahn's 13-F disclosed that he bought his shares of IEP between $36.50 and $42.50 a share. On March 1 he purchased an additional 15,900 shares at around $63. Shares have since hit a 52-week high of $90.75 and have cooled down to $84.67 as of Oct. 2. No signs of any insiders selling either! The following chart tells the one-year price story for IEP. The other lines tell us about the PE ratio (TTM) which is a rich 21.59. The future (one-year) estimated PE of only 12 suggests the stock may not be overvalued. IEP data by YCharts I'm not suggesting that we buy IEP or NOV tomorrow. I'm suggesting that we buy incrementally on any big market swoons. This government shutdown just may be different enough and more serious than any we've experienced in modern times, especially if it ends up with "debt-ceiling paralysis." If the U.S. government's debt ceiling isn't increased by Oct. 16, for the first time the Treasury won't be able to pay the interest owed on all kinds of government debt instruments from T-bills to bonds. In a nationally televised interview President Obama told viewers that even though gridlock in the nation's capital is nothing new, "this time I think Wall Street should be concerned." He added, "When you have a situation in which a faction is willing to default on U.S. obligations, then we are in trouble." These words alone could send the stock markets reeling Thursday morning, and if we're lucky maybe the correction will be big enough that we can buy great companies and sectors at prices we haven't seen in week or months. That's not just optimism speaking, that's being a rational, intelligent investor. Stay calm, be defensive, and set your buy-limit prices low enough to scoop up real bargains before the market's rebound as they always, eventual do. At the time of publication the author had no position in any of the stocks mentioned.Follow @m8a2r1This article was written by an independent contributor, separate from TheStreet's regular news coverage.