It is easy to be a distracted investor during difficult market periods. Indeed, who wants to watch stocks when the market and economy are headed South. It's not much fun.

However, lots of stuff happens during tough economic and market periods that can have a big impact when things turn.

For example, one thing that often happens during down periods is that strong companies get stronger. That's because they are stealing market share from weaker companies.

While those market share gains may not show up immediately in big revenue and earnings gains while the economy is on the mat, those market share gains can add up big time when markets improve.

As an investor, the trick is to make sure you know what companies are getting stronger (and, obviously, which are getting weaker) and capitalize when those strong companies are trading at favorable prices.

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