There is a lot of money sitting on the sidelines waiting for the right time to get back into the stock market. Maybe that time will be after the Dow Jones Industrial Average tests 7000, or even 6000. Maybe it will be after quarterly reports start turning positive. I'm sure many people will not do anything until the housing market turns around. Then there are those that have sworn off the stock market or at least individual stocks entirely.

These and a multitude of other issues may be keeping you from investing for now and no one could blame you, but if it is your intention to get back in when the coast is clear then you should be making some preparations by putting together your watch list.

Here are some of the stocks on my watch list. I usually have about 20 stocks that I am interested in. Some of them I own already and I am interested in acquiring more. Some have appeared in my Chasing Value column, and some or all might appear there again.

Annaly Capital Management (NYSE: NLY) is one of the stocks mentioned in Fortune Magazines "Ten Promising Stocks for 2009" and is currently paying almost a 15% yield at Fridays closing price of $14.92. The company borrows money at short term rates and only invests in long-term Federally backed mortgages. They have avoided subprime loans and derivatives entirely.

Boardwalk Partners (NYSE: BWP) is expanding and was highlighted today as another high yield value stock Chasing Value: High yield thru Boardwalk's pipes that you can acquire for less than the price the general partners paid in October.

Burlington Northern Santa Fe (NYSE: BNI) can claim Berkshire Hathaway (NYSE: BRK.A) as it's largest shareholder and you can buy shares for less than 'my pal Warren' did.

Intuitive Surgical (NASDAQ: ISRG) is one of my top holdings and favorite companies. I have owned it for years and only selling some shares at $192. I recently started building a new position in a new portfolio in the past few months and I am interested in buying more. It closed at 134.38 on Friday.

In October Loews Corp. (NYSE: L) acquired $490 million on 21.2 million common shares of Boardwalk Pipeline Partners LP (NYSE: BWP), which plans to use the proceeds to expand its pipelines.

Loews, which owns stakes in insurance company CNA Financial Corp. as well as oil and gas companies and hotels, paid $23.13 per share, Friday's closing price, was $19.49 so your buying at a discount to the general partner.

Boardwalk said the cost to complete three pipeline projects is estimated at $3.9 billion. It has financed the projects to date with a combination of equity and debt issuance, cash from operations and by borrowing from the partnership's $1 billion revolving credit facility.

Lowes is the largest shareholder with a 70% equity interest. Boardwalk Pipeline Partners is in the business of interstate transportation, gathering, and storage of natural gas. The company operates through two subsidiaries -- Texas Gas Transmission and Gulf South Pipeline Company -- with a combined 13,550 miles of pipeline in 11 states.

Natural gas prices are down significantly, but I think most investors and users of natural gas alike think that is temporary and the price which is cyclical is near a low point and destined to go up. In the mean time BWP is off its 52 week high of $32.25, down in line with the overall market. The difference here is that BWP has almost a 10% yield while trading at a price to book value near 1.0. It seems to me that this stock will reward your patience while they expand the network and later when gas prices rise as expected.

Last weeks gas prices: At the New York Mercantile Exchange (NYMEX) The January 2009 contract settled at $5.686 per MMBtu.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture and planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I do not own shares of BWP or L, but I am considering them.

Analyst upgrades:

• Calyon upgraded major network carriers based on falling oil prices and capacity cuts. The analyst is positive over the next 12 months but cautious short-term given the uncertain economy, and volatile markets and oil prices. AMR Corp (NYSE: AMR) and Delta Air (NYSE: DAL) were upgraded to Add from Neutral and UAL Corp (NASDAQ: UAUA) was raised to Neutral from Reduce.
• Ryanair (NASDAQ: RYAAY) was upgraded at Citigroup to Buy from Hold.
• Boardwalk Pipeline (NYSE: BWP) was raised to Buy from Hold at Deutsche Bank.
• Cowen lifted Biogen Idec (NASDAQ: BIIB) to Outperform from Neutral.
• JP Morgan upgraded Choice Hotels (NYSE: CHH) to Neutral from Underweight following the better-than-expected Q3 report.
• Oppenheimer upgraded shares of Integra LifeSciences (NASDAQ: IART) to Outperform from Perform on valuation, the company's minimal exposure to economic conditions, and expectations for margin improvement and a rebound in organic growth.

Analyst downgrades:

• Sherwin-Williams (NYSE: SHW) and AerCap Holdings (NYSE: AER) were downgraded to Neutral from Overweight at JP Morgan.
• UBS downgraded Embarq (NYSE: EQ) to Neutral from Buy following the CenturyTel (NYSE: CTL) merger announcement.

MOST NOTEWORTHY: Golar LNG, Yingli Green Energy and Bill Barrett were today's noteworthy downgrades:

• Jefferies downgraded shares of Golar LNG (NASDAQ: GLNG) to Hold from Buy on valuation, as they see limited upside over the next 12 months.
  
• Banc of America downgraded shares of Yingli Green Energy (NYSE: YGE) to Neutral from Buy on difficult fundamentals, as they believe solar industry gross margins will continue to contract due to silicon competition and decelerating demand in Spain and Germany.
  
• SunTrust lowered Bill Barrett Corporation (NYSE: BBG) to Neutral from Buy based on valuation and lack of near-term exploration catalysts.

OTHER DOWNGRADES:

• Autodesk (NASDAQ: ADSK) was lowered to Accumulate from Buy at ThinkEquity.
  
• Goldman removed Oneok (NYSE: OKE) from its Conviction Buy List.
  
• Merrill Lynch downgraded Boardwalk Pipeline Partners (NYSE: BWP) to Sell from Buy.