It is no secret that I am not a fan of the market right now. I think that the twin specters of housing and unemployment are not priced into it. I looked at the Consumer Confidence Index yesterday and saw no reason to change my opinion. These two factors have consumers scared and nervous, and this is going to be reflected in stock prices at some point. We are a consumer-driven economy, and the consumer is staying home for now.

That does not mean I am not always looking for opportunities. I want to be ready if and when the market does fall, with a list of names to buy. Digging deep enough has always allowed me to find stocks that are too cheap not to own, regardless of my outlook.

One of the best sectors for bargains over the years has been closed-end funds. Often these exchange-traded funds allow me to establish a position in the market at a steep discount. When investors bail on them, as has happened this year, the selling can push their prices below the asset value of the stocks and bonds the funds own. While not foolproof, this strategy does provide a cushion by allowing me to buy good stocks below the market price.

I ran a screen through the Closed-End Fund Association, looking for funds trading at a large discount to underlying asset value, and found some worth considering. One of the largest discounts was a fund I have been aware of for years, H&Q Healthcare Investors, which has been around as long as I have been in the business. It invests in health care and medical stocks and has a very biotech-heavy portfolio. As a deep-value guy, I know almost nothing about biotech, so this intrigues me. Buying stocks such as Amgen and Celgene at a discount to market prices is intriguing. The current discount ion the fund is 19.5%, well above the 5 and 10 year averages of 7.8 and 11.9%.

I do not think that real estate is ready for a global rebound. I could be wrong, of course, which according to my kids and girlfriend happens all the time. If you think real estate globally is bottoming, you might want to consider DSWS RREEF World Real Estate. The fund is managed by a division of Deutsche Bank and is globally diversified, with about 34% currently in Asia, 26% in North America and the balance in Europe and Australia. Shares of the fund are trading at a 23% discount to the net asset value. The fund also pays a monthly dividend that totals up to a little over 11%.

I am not really excited about bank stocks either, but I remember the John Hancock Bank and Thrift Opportunity Fund from the '90s. I have owned that one before, and when I feel more comfortable with the sector, I will again. The fund counts among it largest positions Bank of America, JPMorgan and ONC Bank. Thankfully, it recently did away with its managed distribution plan to preserve the asset value, so the fund yields just about 1.8%. The discount right now is 18%, far above the five-year average of 9.5% and the 10-year average of 12.1%.

The Liberty All Star Funds -- Libery All Star Equity and Liberty All Star Growth -- are both trading at a larger-than-normal discounts in the current market. These are multimanager funds that search for time-tested equity investors. Mangers for the funds' assets include TCW, Matrix Asset and Chase Investment Counsel. Both funds have been around for years. The management companies review mangers' performance and fire and replaces underperformers from time to time.

Right now, the equity fund trades at a discount of 16.8%, and the growth fund has a discount of 17.4%. Both of these are well above the historical levels. Top positions in the growth fund include classic growth stocks such as Research In Motion, Google and Apple. The equity fund's top holdings include Dell, Bank of America and Chesapeake Energy. Both funds seem to offer a chance to own a portfolio of quality stocks at a discount to the current market prices.

Buying closed-end funds at a discount is not a foolproof strategy. If the market should sell off, these funds will probably go down in value as well. If, however, you want exposure to the market at current prices, it makes sense to do so at a discount.