If your question is about S&P 500 index, I think its fair value is around 900. It is alwlays a good time to buy equity when it is traded around its fair value (given how it outperforms other asset class over the long term).

If your question is about individual stock, then I don’t know. I have been searching for severely under-valued stocks for weeks and I haven’t found any. So cash in my trading account has been accumulating since March (I cashed out some of the investment such as BAC too early). I would welcome any suggestion because everything I looked at seemed to be fairly valued. Only the treasury seems over-valued but not to the extend that I can be comfortable shorting it.

Jim Rogers recently suggested commodity stocks in an interview with Bloomberg Edge. Maybe that’s the way to go if you can’t find other specific opportunities. I also have been averaging up in Chinese stock holding as a hedge against US economy. But its price is fast approaching the bubble territorial again…so I don’t plan to add any more.