Personally I expect the S&P to continue to loose a lot of its value. Not so much in nominal value but in purchasing power parity. It will probably stay in 500 to 600 point range for years as it's value slowly erodes. Money will be made going long and short but buy and hold will kill you.

I personally don't know exactly where the market is going so I maintain a large cash possition and trade a core set of stocks based on the current price action. When the market gets hot I reduce some. When people are afraid I buy some back.

In this market too much fear or greed can kill you. I try to take a middle of the road approach so that no mater what I will still have something of value. It is all about preserving your purchasing power.