With the Dow Jones Industrial Average now more than 12 percent off its April high, the markets have officially entered correction territory as tensions on the Korean Peninsula and concerns over the health of the European banking system weigh on the indexes.

While there’s no certainty that the current selloff has run its course, the market weakness has created an excellent opportunity to enter some markets and sectors that we like but were hesitant to enter at pre-correction valuations. In order of preference:

Big corporations have strong balance sheets and are working towards updating their technology infrastructure in order to improve productivity and meet the challenges of the next decade. Despite the solid fundamentals of most tech companies and the rising corporate spend rate, the technology sector hasn’t been spared from the selloff and has given up almost 10 percent during the past month, setting up an excellent entry point in iShares S&P Global Technology Sector (NYSE: IXN). Buy iShares S&P Global Technology Sector up to 55.

Emerging markets have sold off sharply on the concern that problems in the developed world will spill over into their economies. But our expectation is that those emerging markets will continue to deliver growth, particularly the BRICs–Brazil, Russia, India and China. We’re taking advantage of the market weakness to add iShares MSCI BRIC Index (NYSE: BKF) to our Growth Portfolio holdings as a buy up to 41.

Finally, it’s an ideal time to buy South Korea via iShares MSCI South Korea Index (NYSE: EWY). The market has been trading at low valuations for some time and it now trades at 9 times expected 2010 earnings. In addition, the current tension with North Korea has added one more reason for investors to stay away.

Our expectation is that the global economy and the developments in China and Europe will prove more important for the market short term. Without underestimating the issues with the North, the market has overreacted to the news. iShares MSCI South Korea Index is a buy up to 45 it’s the newest addition to our Short-Term Opportunities Portfolio.

We’ll be writing more about the new additions in the upcoming issue of the Global ETF Profits.

Our Income & Hedges Portfolio has broadly outperformed the market since the beginning of this correction, so we just want to offer the reminder that it is never too late to put some money in our recommended hedges.

SPDR Gold Trust (NYSE: GOLD) is up around 7 percent since recommendation while the S&P500 is down more than 9 percent during the same time frame. Our short-duration Treasuries position, iShares Barclays 3-7 Year Treasury Bond (NYSE: IEI), is up around 2.5 percent compared to the 1 percent gain in the broader bond market. iShares JP Morgan USD Emerging Market Bond Fund (NYSE: EMB) is down around 4 percent while the S&P500 is down 12.7 percent during the same time frame, and municipal bonds Market Vectors Pre-Refunded Municipal Bond (NYSE: PRB) are flat while the S&P500 is down 12.7 percent in the same period. All of our Income & Hedges remain buys at the prices listed in the portfolio.