The market could go down further today, or even recover a little and then sell off. Most traders might use the slightest recovery to sell what they didn't sell yesterday. After all, it is not everyday that 498 of the S&P 500 are down. Wait before you start buying and try to hold what you have . Meanwhile start making your shopping list. When the market goes down further, you might want to put your cash to work. Some stocks to consider for your shopping list are:

Companhia Vale do Rio Doce (RIO) - best iron ore producer and one of the largest miners. Commodities are not dead.

New York Merchantile Exchange (NMX) - derivatives and commodities are becoming easier to trade. This is the sequel to Chicago Merc (CME)

New York Stock Exchange (NYX) - largest stock market exchange. Down from $112 to $82 on no change in fundamentals. Stock is just above its 200 day moving average.

China Mobil (CHL) - largest mobile company in China, huge market cap but still growing rapidly. Close to 300 million subscribers - more than the US population.

Goldman Sachs (GS) - with the number of M&A deals already announced this year, they are on track for a record year, although a trip to $180 is not out of the question.

Apple (AAPL) - Could pull in some more here, but its a definite buy around 80.

Costco (COST) - See my post on it here

Dow Chemicals (DOW) - Chemicals have been on a tear. Could be a takeover target and pays a nice 3.5% dividend.

Transocean (RIG) - Demand for oil rigs is not going away.

Activision (ATVI) - Video gaming is the place to be this year. I also love Nintendo (NTDOY), but it is irrelevant to the decline of yesterday's market.

Hilton (HLT) - Hilton is one of the best hotel chains and I believe will stay strong as long as the world economy is on the rise. Read more about it here

Yahoo (YHOO) - I have said many times that this is the year of Yahoo. I would buy it at any pull back to $30.

Flowserve (FLS) - This is a new one for this blog, but I have liked it for a long time. It is a play on Water, Oil and Infrastructure. The stock is just above a support level that is proven and tested. I like it at $50.

With any of these stocks, you want to wait for a further pull back from current levels and don't buy at once. Buy half a position over at pull backs over the next week or so and then buy the remaining position only if the stock retreats further.

The above stocks are on my shopping list. If you have some of your own stocks to share, feel free to comment. I am always on the lookout for new ideas.

-- Faisal Laljee
Full Disclosure: I own YHOO, HLT, DOW, COST, AAPL and NTDOY but my positions might change anytime without notice.