With the market falling, I'm looking to be strategic with my Stocks and Shares ISA

I'm not the type to wait for a market correction or crash before buying stocks. But if prices fall, I'm also not one to shy away from loading up my stocks and shares ISA.

The possibility of a recession in the US has traders worried. For long-term investors like me, however, this is an opportunity to be greedy when others fear.

Not everything that is cheap is a profit

Stocks are falling right now, but investors need to tread carefully. Not everything is as cheap as it seems.

Rolls-Royce it is a good example. The stock is down 5.5%, but the last time the stock was cheap was… last month.

The same is true an apple. A 7.5% drop looks like a big move, but it brings the share price back to where it was last month.

I am convinced that falling stock prices are a buying opportunity. But I don't think everything is for sale right now.

Cheap is cheap

In my opinion, the best opportunities in a situation like this are in the ranges that are already in or close to the transaction. In other words, the shares were a good value but now they are a great value.

That brings me to the consumer discretionary sector. A very obvious example Burberrywhere the share price fell another 3.5% after struggling since the start of the year.

Similarly i Dr. Martens the share price recently fell by another 6%. And this is on top of the 25% decline since early January due to the weak outlook for US consumer spending.

At today's prices, I'd be happy to buy any of these in my Stocks and Shares ISA. But I think both businesses are facing challenges which means the best opportunities are elsewhere.

Amazon

The opportunity that comes to me right now is this Amazon.com (NASDAQ:AMZN). The stock is down 8.78% after the earnings report and I think it looks set to continue down.

I didn't think there was anything wrong with the company's financial report. Revenue came in below expectations, but this was due to consumers trading down to cheaper products.

The prospect of a recession in the US means there is a risk this could continue to weigh on sales in the future. And there's not much Amazon can do to keep the US economy going.

What it can do, however, is to continue to improve its services so that it can stay comfortable when things recover. That is exactly what the business is doing right now and I expect this will pay off in the long run.

Top of my shopping list

When industries go through cyclical downturns, leading companies often emerge in a stronger position than their competitors. And I think that will happen here.

Opportunities to buy Amazon shares at attractive prices don't come around often. There's a good reason for that – investors know it's a quality business with plenty of earning potential.

Right now, though, I think there's an unusually good chance. With the global sell-off following a post-earnings downturn, I'm looking to add to the investment in my Stocks and Shares ISA.