NEW YORK (MONEY Magazine) - We know you're fretful about the stock market and your investments. You're not alone.

War, oil, terrorism -- it's no wonder the major stock indexes were shaky in 2004, even as corporate earnings rose a robust 18 percent.

Still, there are reasons for optimism, a point Michael Sivy hammers home in his forecast. Interest rates remain low, inflation is in check, and corporate profits and the economy are growing.

And stock valuations today are as attractive as they've been in years. The stocks in the S&P 500 are changing hands for just 17 times their earnings; the last time the market was this cheap when profits were growing in the high teens was 1994 and 1995. In fact, the parallels with 10 years ago are striking -- from the moribund state of investment banking to investors' pessimism on real estate and drug stocks. And that was the start of a long bull run.

It would be too much to expect a repeat of the late '90s, but it's an axiom of sound investing that the time to buy is when valuations are low and investors are biting their nails.

To be sure, going your own way isn't the easiest thing to do. Everyone else thinks you're wrong -- and if it turns out you are wrong, you won't have much company to cry with.

But this looks like an opportune time for a contrarian bet. Three huge anxieties are keeping investors out of large chunks of the market that appear to have quite a promising future.

Consider:

• Aftershocks of the 2000 market collapse continue to scare off buyers from shares of big, fast-growing companies.
• Fears of an interest-rate spike have kept a lid on the share prices of financial services companies and home builders even as they post strong results.
• The Vioxx mess and concerns about a near-term lack of blockbuster drugs have obscured the fact that aging Americans will demand more of what the pharmaceutical industry sells.

If you're willing to take action now and wait for the pack to catch up, read on. We've homed in on nine picks that should allow you to take advantage of market neuroses.

For investors looking for bond income, the range of opportunities now is narrower -- yields are slim. But two smart strategies can get you more income for your buck.

A couple of operating instructions before you plunge in. First, this isn't a guide to building a portfolio. These are timely buys -- some rather risky -- that you should consider adding to an already diversified portfolio or using as a way to adjust your asset allocation.

Second, there's no fixed expiration date on opportunities. Some may pay off and become fully valued this year, others may take longer to bear fruit. We'll keep an eye on them.

Keep going for our five best investment moves:

1. Growth