There's a lot of noise coming out from market pundits lately. Is this the bottom? Is it time to buy? To that I'd say "turn off the tv." These prognosticators predicted little to nothing of what has happened during the past year, so now is not the time to start listening to them. When the market bounces, as its doing now, there is often some easy money made in the first moves. But this is a dangerous game to play for individual investors. The market can shed these gains as quickly as they came.
Also, most investors are in less stable financial positions that they were a year ago. Its not a time to take extra risk. Its a time to protect cash. There is one exception. If you have a decent amount of time until retirement, you can put some long-term money to work. Think about index funds. This is your best bet for beating inflation over the long term.
If you're looking for more detail about his subject, and specific names to buy, you can read my recent article published at Personal Dividends online magazine.
Also, here's an article on the subject by Brett Arends from the WSJ.