One of the most important (because it’s actually true!) sayings on Wall Street is…

Power down the computer.  Shut down the Bloomberg terminal.  Turn off the TV.

And go take a walk.  You won’t see a 5% intraday sell off in the Nasdaq very often, and if you’re shaken up after today’s sell off, there’s a darn good reason for it.

On the other hand, hopefully, you had some good cash raised near the highs and you’ve been gently deploying it now.

One of the most important (because it’s actually true!) sayings on Wall Street is:

Buy when there’s blood in the streets.  Sell to the sound of trumpets.

When the broader markets drop 5% in a single day and when the breadth is nearly 20-to-1 negative (in the broader markets, there were 20 stocks in the red for every one stock in the green today), it’s bloody in the streets.

One final note for you — remember just two weeks ago (and when the markets were 10% higher!) that I wrote this piece:

Now is the time to panic over Greece’s debt crisis (UPDATED)10:55 a.m. July 19, 2011 | By Cody Willard…To be sure, it’s not that we won’t hear about Greek debt again in a few weeks or a few months or whenever the idiot mainstream business media gets hoodwinked into it again.  But the time to freak out about Greek debt is now.  Not then.  Not three weeks ago when everybody wanted you to panic about Greek debt and sell your stocks at the lows.

Rather, if you truly think that a default in Greece is going to happen at some point (likely, IMHO, but probably two to five years away) and if you think that such a default by the government in Greece would damage the world’s economies (not at all likely, IMHO, as Greece’s entire economy is smaller than Apple’s market cap) by spreading contagion (the contagion already exists and the game will go on as long as they can keep the music playing, which again, is likely to be two to five years, IMHO)…

If you truly think all of that — then go sell your stocks today.   Don’t wait for the next time the mainstream media and the pundits and politicians it fawns over decides that these issues matter.  Because they will decide that again.  And when they do, the stock market will be responding like it did last time — by falling.  And you’ll be forced to sell in a panic at the lows like they wanted you to last time.

Now’s the time to sell stocks because of the Greek crisis.  If you thought you should be selling when the markets were 10% lower and the headlines were everyday all about Greek debt, then what are you waiting for?  Lower prices again?  For Citigroup and Goldman’s analysts to tell you to panic?  For News Corp’s and NYTimes’ reporters to tell you to panic?  They’ll get wrong next time too, you know… —

Cody here again in real-time.   And here we are today and guess what everybody’s panicking about at the lows?  Europe (including Greece).  Their panic is to our benefit.  Let’s stay focused.  See you tomorrow.