The Dow Jones Industrial Average fell below 7,000 for the first time since October 1997 today, and all eyes are on a jobs report due out Friday which could be a “shocker,” according to David Dietze, chief investment strategist at Point View Financial Services. Some economists are predicting unemployment to hit 8 percent.

It all sounds very dismal, and for the most part, it is. But there are still opportunities out there–especially for investors that take a long-term approach to investing. These days, it seems like that’s the only way to go.

David Leonhardt of the NY Times stated in his blog today:

“With today’s declines, the long-term price-earnings ratio of the Standard & Poor 500-stock index is down to about 12.3. Over the past century, this ratio has averaged about 16. So relative to corporate profits, the stock market now appears to be undervalued by about 30 percent.”

But if you look back on history, stocks may have a way to go before they truly hit bottom.

Stated Leonhardt:

“In the other two great bear markets of the past century, in the 1930s and the 1980s, the p-e ratio ultimately dropped to about 6 or 7. To get to that level now, the S&P 500 would have to drop below 400, from the current 701, and the Dow Jones industrial average would need to be below 4,000.”

Here are a few Bargain Buzz Stocks that we think are worth looking at:

Burlington Northern Santa Fe Corp. (NYSE: BNI): Warren Buffet has been increasing his stake in this railroad company lately. Shares closed at $55.00 today. Great long-term investment.

Denny’s Corp. (Nasdaq: DENN): On Jan. 15, the company said it expects to meet or exceed its previous guidance for full-year 2008, thanks to the success of the Franchise Growth Initiative (FGI) and other cost-saving actions that protect margins and cash flow. The company has also restructured quite a bit, selling off a lot of its franchises, and keeping its best locations for its own portfolio.

Priceline.com, Inc. (Nasdaq: PCLN): And it’s not because we’re huge Shatner fans, either. Trading at around $82 per share, the stock above its 52-week low, but well below the high for the period of $144. The Company’s Name Your Own Price (NYOP) strategy will continue to become more attractive especially in a recessionary mode–both for travelers looking for a good deal, and hotel operators looking to unload inventory.