Are we there yet? Have we found a bottom? Are you tired of asking?

I am.

One thing that we can say with a high degree of certainty is that nobody really knows when we will hit bottom. The end will only present itself after the fact. When that time comes, the market could very well be in the midst of a V shaped rally.

Stop trying to predict when it is impossible to do so. Instead focus on your portfolio and the allocation thereof. Hopefully, you moved to cash in advance as I suggested in my article published on September 25, 2008.

If so, then you are doing very well for you self. You are also sitting on cash and wondering what you should be doing with that cash. That’s what I’m doing with my Rational Investor model portfolio.

I’m looking for ways to deploy cash and while I am in no real hurry to do so there a plenty of bargains in the market at the moment. One space that looks very enticing is the utility sector.

Here, we have seen investors sell stock no matter that utilities are some of the best safe haven stocks during recessionary conditions. They are defensive stocks that pay dividends from very stable and dependable cash flows.

That sounds pretty enticing to me and it sure beats the paltry interest rates paid on Treasury bills or other short term money market instruments.

In an article about the industry I suggested that one of my favorite names in this space is Duke Energy (DUK). The company is rock solid and no matter what happens in the economy is positioned to continue to deliver strong cash flow.

Consumers may not buy that extra latte or gifts during the holidays, but they will keep the lights on by paying the bill on time. In a world without much to count on these days, I think you can count on this.

Investors are not convinced. Most believe that the end is near and as such they are selling all stocks no matter the flavor.

For DUK, that means shaving 25% or more off its value even though its performance on an operating basis is stable. In other words the dividend is not in jeopardy. With the decline in value DUK offers investors a dividend yield of nearly 6%.

That sure the heck beat putting the money under a mattress.

There really is no reliable way to predict a bottom, but with utility stocks you don’t need to pick the bottom. Capitalism has a funny way of working and we are going through some very strange times.

While you wait for things to clear up, why not take a stake in a stock like DUK?

It would be a Rational speculation in my book.

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This article was written by Jamie Dlugosch, contributor to InvestorPlace.com. For more actionable insight like this, go to: www.InvestorPlace.com.