I don't know your cost basis for your positions of course but keep an eye on the QE debacle ending and take some profits. There is irrational exuberance bolstering this market based on the feds interest rate policy.
It's inevitable that we'll see other corrections and other bear markets sooner or later - whether due to the Fed tightening or something else.
But I've come to the same conclusion many of the world's best have come to - that it's foolhardy overall to try to predict or time markets to any significant degree. Way too many factors involved. I dollar cost average every week, which helps with volatility as well.
I assumed we were headed way down after the '12 election, and sold off a lot of stock and went too heavily into cash, commodities, and put positions. It was not the best strategy in hindsight. I have gradually bought back in quite a bit, but I still have a pretty big cash position - bigger than I would normally have.
I'm mostly bottom-up - as long as most of those companies continue to have strong fundamentals or other compelling reasons to own them, I'll keep them and buy more of them when they get even cheaper during corrections and bear markets. These oil drillers, frackers, and servicers have been making tons of money in these shale plays, and should continue to do so. And I bought LNG 4 years ago when it was less than $3 a share - I only wish I'd had the balls to buy more than 200 shares of it back then.
I still have plenty of cash and pretty good exposure to commodities and a broad short market index as hedges. Put positions on high flyers that are way overvalued tend to do well in these situations as well. Puts are also a good insurance policy against volatile long positions as well.
I also like the volatile biotechs. I tend to use call / put spreads on companies with promising drug pipelines - I just cashed in on Mannkind's approval recently. Seattle Genetics and Isis have intresting pipelines, and I hope to make bundles there one way or the other. I've also had a small long stock position on Gilead for quite a while, and I've made big wads on M&A in this space in the past - names like Forest Labs, Onyx, etc.
