I love this advice:

Mr. Market Keeps Things Interesting

Above all, remember that with a market showing no memory from day to day, err on the side of conservatism.

1. Size positions. Keep trading and investing positions relatively small.
2. Favor trading over investing.  The volatility looks like it will remain with us over the balance of the year (up and down).
3. Be diversified. Too much can go wrong to have outsized (large) positions. 
4. Buy the dips. Have the courage to buy dips (when pessimism rises) and consider selling the rips (when optimism rises).
5. Maintain reasonable cash reserves. There still is much uncertainty, too much volatility and economic/stock market outcomes are multiple. Given these conditions, keep invested positions down to levels that are not disruptive to your life — or to your sleeping.
6. If you don’t know, don’t do. In other words, your portfolio doesn’t always have to befast money. You don’t always have to play. Consider, as my son Noah does in his Ask Noah columns, that quality of life trumps quantity of life!

In summary, while I am of the view that the current volatility, lack of predictability and emotionally charged investment atmosphere represent the sort of conditions normally associated with market bottoms, nothing is certain.

And for most (except the very facile traders/investors), it is a good time to watch, learn and contemplate your next move.