"Lack of fear can be a relative term," says Chris Johnson, who focuses on both technical analyst and contrary investing, and believes we have not yet seen enough pessimism to justify a long-term market bottom. However, he does see selected opportunities, such as Costco (NASDAQ: COST) in the retail space.

The editor of Insightful Investor explains, "Given the situation presented to investors over the past month, we should almost see them crying in the streets and selling everything in their portfolios. But that's not the case, as we continue to witness optimism among the key sentiment gauges."

The advisor continues, "What does this mean? Well, it means that the worst is likely yet to come. We're still waiting for a sign that investors are truly capitulating instead of hoping that the economy will miss a recession."

Johson suggests, "Capitulation ... true capitulation, that is ... is combined of two things -- massive selling accompanied by extremely high levels of pessimism. One without the other can identify a short-term buying opportunity. But given where the market is right now, a true bottom is not likely to be drawn until both of these events happen at the same time."

"For our latest Focus Stock we look to the consumer staples chain, add Proctor & Gamble (NYSE: PG) to our portfolio," says Chris Johnson.

In The Insightful Investor, the advisor explains, "Consumer staples stocks continue to provide a bullish alternative within this potentially slowing economic environment." Here is his review.

"Proctor & Gamble is attractive for a number of reasons. First, the obvious: in the consumer staples universe, it's hard to get bigger than P&G. The Cincinnati-based company produces everything from Ivory soap to Pampers diapers to various snack foods.

"In other words, P&G has a heavy presence in most every household, something that probably won't change too much should the economy slow down.

"Second, PG has an incredible international presence, which provides a few valuable fundamentals. Demand for their products continues to grow with the strength in overseas economies. And a weakening dollar won't hurt P&G's balance sheet as it may other domestic companies.