"We've followed Warren Buffett's advice to 'buy American'," says Mark Skousen; his Hedge Fund Trader eyes Johnson & Johnson (NYSE: JNJ) and FPL Group (NYSE: FPL).

"Johnson & Johnson as well as FPL Group are two strong positions in companies that have suffered a few 'hiccups' during this historic panic selling, but are likely to survive and prosper in the next year.

"First, Johnson & Johnson, the health care and pharmaceutical giant, beat expectations in its most recent earnings report. The company's earnings jumped 30% to $3.3 billion on revenues of $15.9 billion. It currently is selling for only 15 times forward earnings -- a bargain price.

"Second,, FPL Group -- known as Florida Power & Light -- is a large Florida utility company that is holding up well. It, too, is a solid company that now is on sale because of the financial crisis.

"Revenues are down slightly to $15 billion, and earnings dropped 40% during the past year. But Florida Power is still profitable, and at 10 times next year's earnings, it should continue to recover.

"We think it is wise at this time to limit our exposure to the markets, and to keep our powder dry by focusing strictly on a few well-financed utilities and consumer product firms.

"Overall, we consider both Johnson & Johnson and FPL Group to be solid companies selling at a substantial discount to their real value."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

"The positive side to any correction is that it brings valuations down to earth for stocks you may have thought were out of your reach," says Genia Turanova.

The contributing editor to Stephen Leeb's The Complete Investor explains, the "Along with the energy sell-off, unregulated utilities have declined even more-to bargain levels." Here's a look at Florida-based FPL Energy (NYSE: FPL).

"FPL is one of our favorite alternative energy holdings. And with the recent selloff, its yield once again qualify the stock as a legitimate full-fledged income plays.

"And as its quarterly results indicate, the unregulated utility is relatively immune to the nation's slowdown, making them among the surest growers in the marketplace today.

"The skies over the Sunshine State have been quite dark because of the housing sector's woes and the subsequent credit crunch. As a result, the Florida-based company's adjusted earnings per share increased 'only' 8% on a year-over-year basis.