Well the jobs news was good today but it appears global concerns are weighing on markets.  Even the stories of the great recovery  believe it if you want) are beginning to have less and less of an effect on the market.

http://www.cnbc.com/id/46819590

I'm not sure where the market is headed but I do know that trying to predict it has not served me all that well in the past.  I'm happy that I am in cash right now with the exception of a few long term gold plays.  I'm doing some good research on LEAPS and feel that those may be the best option in this market.  Low volatility leads to lower premiums which help me "rent" the security at a lower price and then use an increase in volatility to my advantage.  I'm also happy to sell calls or puts against the LEAPS to make up the time premium paid.