Today, we're in the midst of a gleeful bull market. But before you break out the champagne, think about what you can do to protect yourself if the bear retakes the stage. First, resist the temptation to chase rising stock prices higher, especially if you’re paying more and more for every dollar of earnings. Secondly, remember to keep rebalancing: don’t let the stock market’s rally leave you over-exposed to stocks; don't lose any more than you need to in an unforeseen bust.
And when the bear is back, put your fear aside and embrace the greed.http://www.theguardian.com/money/2013/oct/30/rising-stock-market-is-bull