An excellent article that sums up my thoughts of what has been happening in the last few years.

http://www.cnbc.com/id/47559783

The key points are that bonds have gained favor due to their lower risk parameters in addition to a systemic (regulatory) appetite for bonds and away from equity from large investors.   The feeling that the equity game is rigged against the small investor does not help either.

That said, I still feel that for long term investors, equities provide uncommon value these days.  So long as you can bring yourself to believe that our (basically) capitalist system will survive, then stocks will provide superior returns over the next decade.  There will be volatility, so we need to position ourselves be "nimble" i.e. buying on dips and also being willing to sell a little bit if things get a bit too positive.  But, predominantly it is buying on sell offs.  Use your time to examine stocks where you like the business, there are barriers to entry, good and stable management teams, dividend payment discipline or at the very least an active investment in their and other businesses.

Once you have your list, you can watch them and be ready to invest when the opportunity arises.