NEW YORK (AP) — After a bloody first six months of the year, some investors who had been holding out for a resurgent second half are now wondering what to hope for.

With the Dow Jones industrial average losing 14.5 percent in the first half — its worst start since 1970 — its understandable that some stock owners would be ready to break from the market altogether.

Indeed, the question on some minds seems to be not where to invest but whether to invest. But market observers say its important to remember that sometimes-scary pullbacks can overshadow segments of Wall Street that are still making money, and that making even minor adjustments to a portfolio can leave it stronger in market downturns.

But Wall Street’s swoon has prompted investors to pull huge sums from stocks.

“Its caused a real confidence problem,” Jeffrey Dunham, chairman and founder Dunham & Assoc. in San Diego, said.

“Get outside the financial services sector and the earnings dont look that that bad,” he said. “The statistics that are out there dont point to a spiraling recession, they do point to a chip on the shoulders and a confidence problem.”

With headlines about spiking oil prices, stretched consumers and shaky credit, its easy to miss, for example, that trucking stocks jumped 47.2 percent in the first half, according to WJB Capital Group in New York. And railroads have been enjoying the run-up in fuel because they can raise prices for shipping everything from grain to coal. Railroad stocks rose 25.9 percent in the first six months.

Investors wouldn’t be wise, of course, to bet solely on one area, especially one that’s already shown great returns. Instead, many market watchers note that investors who boost their contributions to retirement accounts, for example, are buying stocks on sale. If the market rebounds, investors who have continued to funnel money into a 401(k) will benefit from having bought a greater number of shares at a lower price.

But diverting money into a jittery market isnt always easy.

“We have to be very, very careful. You want to look for the industries or the sectors that are going to turn higher as the economy begins to flip,” said Scott Fullman, director of derivative investment strategies at WJB Capital.

He says investors might look to some manufacturing companies, such as tire makers, and companies with both consumer and commercial demand.

Investors can also consider where they might want to spend if the economy looked to be on the mend. Fullman noted that companies that tend to be hurt the least in a downturn, like restaurants, are the ones investors should look to first.

Beyond looking for savvy investment plays, investors can make changes to their portfolios to help weather the declines.

Lincoln Anderson, chief investment officer and chief economist at LPL Financial in Boston, said more investors are turning to options contracts that, for example, let them sell a stock at a certain minimum price. By setting a floor on how far an investment can fall, investors can avoid some of the anxiety of the markets day-to-day moves.

And examining the market for opportunities is far smarter than simply moving money into cash positions, Anderson said, noting that missing only a few strong days of a market rally can leave investors returns well behind the rest of the market. Besides, investors who sell off holdings after suffering steep declines are essentially just locking in losses.

There is a risk, however, in hanging on too long to what has been working.

“After a while you want to sell your winners,” Anderson said.

He noted that its important for investors to rebalance their portfolios to avoid having investments heavily concentrated in one area.

“One of the mistakes to be made here is to go OK, I’m going to capitulate and buy a bunch of energy stocks,” he said, pointing to a sector that has shown strong returns lately.

Fullman advises investors to look for bargains in stocks that have sold off and to adopt a longer-term view.

“There are going to be opportunities to buy things here that you weren’t able to buy a few years ago. But don’t expect that you’re going to be able to profit from it right away.”