In sideways markets, which would be my most optimistic call at this point, one can often make money by flipping in and out of a few key names. Even PALM, WCOM, RMBS and CIEN may be good trading vehicles. With the Dow finally breaking 10k and on its way to below 8k I believe, this business cycle is moving into its next sideways phase. This may pull the COMP lower first, but again there will be selective profitable trades if one doesn't get caught holding. Watch gold and other metals for signals of the next leg of this cycle, which could last a few years.
Oil appears to have technically broken down as well.