The brutal month of January is now mercifully over. Stocks have not had such a monthly drubbing since February 2009 just as equities were finding their nadir in the equity debacle triggered by the financial crisis. Europe, Japan, and China entered official bear market territory during the month and are down 20% or more from previous highs. Many sectors of the domestic market also entered bear markets including small caps, biotech, and transports. Energy and commodities, which have long been clawed by the bear, had another dismal month.

Despite increased concerns about China, worldwide growth, the strong dollar, the current “profit recession”, volatility in the high-yield market, and a litany of other concerns, it does not appear the domestic economy is going to go into a contraction in 2016. Housing had its best showing in 2015 since 2007 and domestic auto sales set all-time records with low gasoline prices driving impressive sales gains for trucks and SUVs. Job gains remain solid and wage growth even crept up past two percent in the back half of the year.

So, if like me, you believe the domestic economy will continue to muddle along at around the same two percent growth rate that has been the hallmark of what continues to be the weakest post-war recovery on record, this is where you can find some deep bargains in the stock.

Outside a global recession Ford (NYSE: F) looks incredibly cheap at right around $12.00 a share. Despite the hugely successful roll out of its high margin all-aluminum bodied F-150 truck series and record domestic vehicle sales in 2015, shares lost some 25% during the just completed year. The domestic market might be starting to peak but low gasoline prices will continue to tilt the company’s sales mix to trucks and SUVs, where it makes much higher profit margins than on small or mid-size cars.

In addition, the company continues to gain market share in the critical Chinese auto market where it is now producing nearly 100,000 vehicles a month through joint ventures. Ford just reported quarterly numbers that easily beat both top and bottom line expectations. The stock is just much too cheap at under six times earnings especially given its dividend yield is almost five percent at current levels.