Market fear has been running rampant recently and with the Dow Jones Industrial Average dropping hundreds of points daily, it is easy to understand why. The CBOE Volatility Index know as the VIX has hit all time high levels that have exceed all previous readings since they started the index back in 1990.

Today the VIX hit 70.90; a month ago it closed at 24.52 ---an average level for the year. That is a 189% rise in the last month! In 2007 it averaged 17.3.

Before the current crisis the highest reading for the VIX was 45.74 recorded on 10/8/98. That means we have surpassed the previous high by 55%.

The VIX is based on call option premium scared investors are willing to pay for protection on their stocks.

Kevin Kersten is an Stock and Options Analyst with InvestorsObserver.com. Disclosure note: Mr. Kersten owns and/or controls a diversified portfolio of long and short positions that may include holdings in companies he writes about.

As a follow up to my blog yesterday, here are a few other ideas to look at as this stock market correction continues to unfold.

Newell Rubbermaid Inc (NYSE: NWL), a stock we have blogged about the merits of repeatedly during the past year, is holding up steady. There are a couple of reasons for this -- first, Newell, as a consumer staple company, attracts money during volatile markets, and second, the belief that its turnaround is for real.

Dynegy Inc (NYSE: DYN) is also holding up well. Similar to the IP transport companies blogged about yesterday, this stock typically got hit hard during these market corrections during the past few years. However, in this selloff, it has declined little. With private equity firms eyeing TXU, investors are beginning to believe in the merchant power business again.

Use this correction and current bout with fear to pick up some good stocks. Newell and Dynegy are companies to throw into your portfolio.

Stocks that have held up best during this correction are most likely showing us where investor conviction is the strongest.

For example, one area that has held up surprising well is the Internet Protocol transport sector. Companies like Level 3 Communications Inc (NASDAQ: LVLT), Global Crossing Ltd (NADSAQ: GLBC), and Time Warner Telecom Inc (NASDAQ: TWTC) have changed little in price.

In previous corrections, these IP transport stocks would get crushed. However, that is not the case anymore.

This is a sign to stay with these stock and add to your position as the broader market continues to correct. If investors aren't selling these stocks now, it most likely indicates confidence is building in this space.

Additionally, Expedia inc (NASDAQ: EXPE), the online travel giant, has also held up very well, changing little in price during this correction. The stock has traded all over the place in previous corrections. This is a sign that investor confidence is improving here also.

All four stocks mentioned in this blog have good unit volume growth, operate low-cost businesses and appear to have pricing power returning to their industry -- a good combination to make some good money.