Although the market does feel a little stretched, particularly in certain areas, there is still a lot of value out there. I continue to run across people successfully buying stocks at undervalued prices and participating in "Active Value Investing", or "Buy and Sell" vs. "Buy and Hold" investing. To me, that is the best way to play this market. Your belief in the long term strength (or lack thereof) of the state of the economy isn't affected as much with this approach. As opposed to a common approach of this being a good time to "buy stocks" and pour money into index funds or large mutual funds, active value investing is about timing stocks and not the market. Timing the market is nearly impossible.
I've mentioned Todd Sullivan and the excellent research he does on his site, and I wanted to mention one other service I've come across.
Arohan's Investing Life has recently launched the "premium" portion of their site complete with detailed analysis of stocks picks, complete portfolio, and real-time trade alerts. You can also interact with other members within their forums. I've spent some time recently on the premium portion of the site, and feel it is an excellent service for investors. One successful stock will more than pay for the membership fee, and you can try it for free for seven days.
If you have any questions about this service, I'd be happy to give you more detail. If you're interested in this service, click on the link and check it out.
CLICK HERE FOR A LINK TO THE PREMIUM SITE