What have you done for me lately, Telstra, Commonwealth Bank and Wesfarmers?

The recent stock market sell off has been hard on some of the ASX’s biggest and most popular shares

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It wasn’t too long ago we were in a raging bull market, when…

— The Dow and S&P 500 were both making new highs… daily.

— The Aussie dollar was cruising above parity… and overseas holidays were still cheap.

— The S&P/ASX 200 index (Index: ^AXJO) (ASX: XJO) was trading above 5,200… seemingly fast-tracking to Matthew Kidman’s target of 5,600 sometime during 2013.

The Australian Financial Review lead with the headline “Best super returns since GFC.”

Telstra (ASX: TLS) shares were trading at $5.15, Commonwealth Bank (ASX: CBA) were over $74 and Wesfarmers (ASX: WES) shares topped $44.

How quickly sentiment can change.

Whereas investors were falling over themselves chasing fully franked dividends, now they’re tripping over themselves as they head for the exits… all at once.

Perhaps it has something to do with the most popular story on MarketWatch, titled Doomsday poll: 87% risk of stock crash by year-end, where the author points to 10 predictions that add “credibility” to a crash before the end of 2013.

Overnight, the Dow Jones Industrial Average (DJINDICES: ^DJI)  fell 216 points on what The Wall Street Journal is called ‘orderly’ selling. The S&P 500 has now fallen in eight of the past 12 trading sessions.

Here in Australia, the S&P/ASX 200 is also on the nose, now trading back below 4,800. Another 100 point fall and we’ll be in official correction territory — defined as a fall of 10% from its recent high.

The Aussie dollar is now trading at a 20-month low, buying just 95 US cents.

Hold on to your jester caps, Fools…

But, rather than cry into my term deposit, I’m doing something about it — I’m wading back into the market again.

I bought some shares for my SMSF today.

I might buy some more tomorrow, especially if the orderly selling descends into disorderly selling. There’s nothing like a stock market crash for cashed-up long-term focused investors.

If the Foolishness in you wants to take advantage of a wobbly stock market, and you’re looking for some high yielding ASX shares, look no further than “Secure Your Future with 3 Rock-Solid Dividend Stocks”. In this free report, The Motley Fool experts have put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

Of the companies mentioned above, Bruce Jackson has an interest in Telstra, Commonwealth Bank and Wesfarmers.

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