I'm certainly no economist, but here's my take:
Consumer products: thumbs down (with notable exceptions - AAPL)
Service providers: thumbs up (especially energy and technology)
Today I put in limit orders for FTEK and LVLT. Keeping an eye on NAT.
FuelTech - They make scrubbers for power plants. As the global warming debate keeps getting hotter and the pressure is on to make power production cleaner, FTEK has no place to go but up. Small company, but great prospects. They're the leader in the field and already have their foot in the door in China. If the carbon credit market idea takes off, FTEK's services will more than pay for themselves for most of the world's non-nuclear power plants. So what you get is increased worldwide multi-million-dollar installations AND continued service contracts.
Nordic American Tanker - what a healthy dividend! Last quarter's dividend was $1.17. If you own 100 shares, that's over $100 EACH QUARTER in dividend alone. NAT is one of the largest crude oil shipping companies in the world. Get in on NAT at a nice low price and ride it through the dividends. Talk about a stock that's not going anywhere. As far as I can tell, NAT is the safest bet you can make right now - almost completely independent of any of the major indices. I'm just waiting for that perfect price and I think it's coming soon.
Level 3 Communications - I'll be honest, I don't know a lot about this company. Their major business is providing infrastructure for the internet. As bandwidth needs increase, so does their business. I'm taking this one as a short-term play, similar to LLNW. Consensus is it's a good company with a solid customer base, but the price seems to be following the market ups and downs. In addition, the low price (<$5) tends to magnify the swings. Right now they're nearing a low point with plenty of support at higher prices. I like these stocks under $10 because small fluctuations in price = high % changes.