Over the past five months, we’ve witnessed a decidedly upward bias in the domestic equity markets. Part of the reason for the influx of money into domestic stocks -- and out of international stocks and bonds -- is a growing realization on the part of professional money mangers and individual investors that the U.S. economy now is on the mend.

The chart here of the S&P 500 Index tells the story of a market en fuego with aggressive buying taking place from late September through late February.

Recently, however, the market slipped and fell on an oil slick.

The political upheaval in the Middle East and, particularly the violence in oil-rich Libya, has prompted nervous traders around the globe to sell equities and take some profits off of the table.

This action is certainly understandable, as the specter of higher oil prices hurting the economy is a legitimate concern. Yet, as I said in last week’s Alert, I don’t think we are nearing the danger zone of any material impact on the economy with oil prices at their current levels. This could change, of course, but so far, I suspect the recent sell-off is more cautious profit taking than anything else.

Having said that, I do think that we could see stocks staying at home here in a trading range of between 1,300 and 1,325 on the S&P 500, but dip short term between 1,265 and 1,290. I am of the opinion that if we were to break below the recent lows on a further spike in oil, it would set up one of the best buying opportunities we’ve had during the past half year. So, if you’re waiting for the right opportunity to put some money to work in stocks, you just might get your chance very, very soon.

If you’d like to know precisely when the best time to buy is, then I invite you to check out my Successful Investing advisory service today.