It’s likely to be a volatile summer.

No sooner than Hungarian Prime Minister Viktor Orban took office when he threw gasoline on the flames of lingering European debt concerns, warning that the previous government had left the nation’s economy in a grave situation and that talk of a default wasn’t an exaggeration.

That raises the specter of another Greek-style economic implosion, piling pressure on European banks with exposure to Hungary’s sovereign debt, and creating the possibility that the nation might have to tap the International Momentary Fund, World Bank and the European Union for another rescue on the heels of the 20 billion euro assistance package it received in 2008.

Hungary’s debt situation also stokes concerns about other Eastern and Central European nations that have been struggling with depreciating currencies and dire employment situations of their own.

Sluggish job growth on this side of the pond has been aggravating own domestic consumption concerns. The May employment situation report issued by the US Dept of Labor showed that job growth missed analyst estimates by almost 100,000 and that the majority of the 431,000 new jobs created that month were temporary positions related to the 2010 Census. That’s being taken by many as a sign that private consumption growth, a key driver of the US economy, is still facing serious headwinds.

Realistically though, most investors seem to have accepted the fact that this will not be a V-shaped recovery and that the global economic rebound will be a long process. Given the huge rally that the markets have enjoyed since the March 2009 lows, what we’ve experienced is likely simply a normal correction that history tells us to expect at this early stage of a bull market. Remember that even after this recent correction the S&P 500 is still up almost 45 percent since it put in that March bottom.

Despite that, falling volumes moving into the summer season will only aggravate the growing volatility we’ve seen in the markets as traders and investors alike have taken to selling the news.

The important thing now is to decide whether or not you’re a long-term investor. If you are, take advantage of the opportunities this correction is presenting us.

As I point out on p.6, many industry stalwarts are on sale and if you have some capital to deploy, this is a great opportunity to pick up long-term growth on the cheap. And as Peter Staas points out on p.7, the correction has boosted the yields offered by a number of companies that are more than capable of sustaining their current distribution levels.

If those aren’t reasons enough to stick through the current volatility, remember Lou’s own opening words immediately following the 1987 market crash, “It’s only money.”