Can anybody please suggest an investment strategy for this market?
Generally, as a financial planner, I would not advice you to substantially adjust your investment strategy due to short term market fluctuations. Attempting to time the market is an ellusive strategy, trying to pick the market has been impossible and playing the market game is not going to be generally sucessful.
Reading the obituary of the renowned and one of the most successful Instituitonal Investor's of our time, Sir John Templeton, one marvels of his simply strategy. Incidentally, according to the Economist, anyone who invested in his funds were able to enjoy an incredible compounded return in excess of 14% over 20 years!
His philosophy was simple in that he advocated that investors should;
1. have a long term strategy.
2. invest in diversified mutal fund.
3. have exposure to overseas markets.
4. always add to positions when the market is generally low. BUY AT LOW.
5. sell when the market hits dizzying heights. SELL AT HIGH.
6. not follow the herd mentality.
7. invest only what you can afford to lose and never to buy on margin.
8. always buy stocks that have a product or service you are familiar.
9. never be driven by panic to buy or sell.