Not to say “I told you so”, but the Masters told you the market was going down.  On Monday we wrote The DOW crosses 13,000: Gentlemen place your bets, and down the ship goes.  But times like these are when you want to put together a shopping list of the best stocks out there, so let’s do just that, go shopping.

Thanks to the Fed news today about how rate cuts are done, inflation is fun, and expect more Americans to lose their jobs and start living in shopping carts, the DOW will keep going down.

Let’s start with two of the biggest companies in the world, Microsoft (NASDAQ:MSFT) and General Electric (NYSE:GE).  We are going for best of breed here Masters.

GE is beyond anything, since that bomb of an earnings call last month, the stock has lost $74.7 billion in market cap.  GE is under severe stress to get their act together, more so than Mr. Softy, and we like the odds.

Jeff Immelt, GE’s chairman and chief executive of the second-largest U.S. company by market capitalization will either raise the stock price or be fired in the next 90 days.

Jeffy Boy put his neck on the line today and reiterated its forecast that 2008 earnings per share will be flat to up 5 percent.

“Infrastructure remains very strong, the global market remains very strong. The capital markets are slightly better than what we saw in the first quarter,” said Jeff Immelt.

Wall Street now looks for GE to report full-year earnings of $2.22 per share, according to Reuters Estimates.  The Masters are confident making a position now that GE has hit a new 52-week low, if they can’t raise their stock, there’s no use buying stocks.

GE last week said it may part with its century-old appliances unit, which last year generated revenue of $7.2 billion. Analysts have estimated the business could sell for $4 billion to $8 billion.

Then there’s Microsoft, our own Frank Lara just wrote What will Microsoft do next? Shares are now $2 away from a 52-week low and it’s the right time to make an entry position.  Why?  XBOX 360, Vista, International XP sales, and possible Yahoo Merger all equal Big Bucks.

How about today’s large cap biggest losers, these stocks are all golden, take your pick:

How about Bank of America Corp. (NYSE:BAC) trading just $1 away from a 52-week low, it’s Bank of America for crying out loud.  No doubt financial stocks are garbage but BofA is the second-biggest U.S. bank by assets.  Bank of America is inclined to hold the line on its dividend, which is currently paid at a quarterly rate of 64 cents a share, not bad while you wait for the Recession to end.

Add to it Health Care, okay, how about United HealthCare (UNH) now at $34 a share up $3 from it’s 52-week low.   Read our 2 cents on UNH at — Chad Brand - United Healthcare on Sale.

Fellow Masters, go search for damaged goods, because everything should head down another 5 to 10% then it’s back in business.  We’ll track these stocks from today going forward as the “Shoot Me Now Index”.  Go out and do some shopping, window shopping, then in a few weeks, make your entry points.

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