The market tone is improving immensely. I expect that some kind of European "Baklava Bailout" plan is in the works and will be announced either Friday or Monday. In the meantime, I have been poring over stock screens and doing some analysis to see what kind of stuff has become irrationally cheap in this sell-off. I am selectively and cautiously picking up a few shares here on there based on value screens. What do I look for in screening stocks? Generally I look for stocks whose price/earnings ratios are cheap relative to Return on Equity (ROE), or their growth rate, or preferably, both at the same time. In other words if a company has an ROE of 30 and is growing 30% a year, but the P/E is 15, that's a cheap stock. Some of these stocks are redundant to my "Portfolio," but many have gotten even cheap since the beginning of the year, so I will add to them.

Company	Symbol	Market Cap	ROE	5-yr          growth	P/E   (forward)		Categorization
Microsoft	MSFT	245B	41%	10%	13		Tech, value, d
Apple Computer	AAPL	178B	32%	39%	19		Tech Growth
Sybase	SY	3.3B	18%	8%	15		Tech Growth
Gulfmark Offshore	GLF	636M	12.90%	26%	9		Energy

Apple is starting to get real cheap. The market is either pricing in financial Armageddon or Steve Jobs' head exploding. It has billions of cash, a new product, a 30% growth rate, and a P/E under 20. Haven't seen it this cheap in a while. Disclosure: Long AAPL, MSFT, SY, GLF