The current take on the stock market

I tend to agree with the predominant view that the easy money has been made on the long side. My personal view is that 2010 is going to be a very challenging year to make money from. On this capacity, I found an ally in CIMB's Kenneth Ng, who sees "a brief period of sell-down in 1Q2010, then a continued rally towards the end, where a real market peak will form later in 2010." (but I am not so sure on the last point). He also advocates, a strategy of buying on dips during the 1st Q, as monetary tightening could come earlier than expected. Among his stock picks are:
TP Upside
1. STX 19.15 39.8%
2. Hong Leong Asia 3.98 37.7%
3. UOL 4.84 26.7%
4. Sembcorp Ind 4.62 26.2%
5. Suntec REIT 1.59 24.2%
6. Golden Agri 0.57 20.0%
7. Noble Grp 3.70 17.8%
8. UOB 17.50 23.32%
9. Parkway 3.16 7.1%
10. CapitaMalls Asia 2.77 3.4%

The key to make money in then is not to get carried away by the strong rally, yet be ready to buy when everyone else panics.