Turbulent and difficult times remain in financial markets. Volatility persists, and investors are confused.

With heavy losses accumulated in a wide range of stock markets, everything seems to be a "great opportunity" to buy, with attractive valuations that can not be missed for those betting on long-term investments.

That’s partially true. On one hand, many financial assets are heavily punished even though its economic fundamentals remain strong, so are the "pearls" to detect. On the other hand, many assets have suffered a deep sell-off but their weaknesses remain intact and would continue their downtrend.

With the U.S. economy growing at an annualized rate below 2%, the European Union deciding its continuity in the coming weeks and constantly emerging economies slowing, it is not irrational for investors feed their negative outlook for the second half of years.

Is it really so? Will there be room for distinguishing between good quality assets and so-called "junk"? Are we able to take additional risks?

Some numbers that can help make decisions ...

During the current turmoil, american assets have acted as major refuge for investors, not only the dollar per se or the Treasuries, but also in regard to the stock market.

After a bleak year 2011 for equities, equity markets on Wall Street resulted in yields almost "flat" in contrast to the sharp declines evidenced in other markets.

So far in 2012, history seems to repeat. While the S & P 500 gained 4.96% and 9.55% on Nasdaq, FTSE is down 7.9%, the Spanish IBEX -23.1% and -5.1% Brazilian Bovespa.