I was flipping through the companies of the S&P 500 this morning and I was stunned at how many stocks are currently trading below 10x this year's earnings.

Of the 500 names in the S&P 500, 204 are profitable and trading below 10x 2008 operating earnings.  Of those, 174 are non-financial companies, or over 40% of all the non-financials in the index.

What amazes me is how many of these names are high quality companies.

Also, 133 stocks have dividend yields above 4%.

I am making a list of stocks I want to buy as long-term investments.  I bought my first consumer stock in years on Friday.  I intend to scale into positions over the coming weeks.