Marcus Padley's latest article also covers the fact that the ASX200 is now at the same level as it was in January 2006. http://www.smh.com.au/business/markets/sinking-feelings-force-rethink-of-the-rising-tide-assumptions-20110603-1fkvn.html
Buy and hold is ok if you bought 20 years ago and are happy with your dividends. The more recent entrants need to wise up and do some trading.
Look at WOW, it has gone nowhere over the last few years, but is in a nice tight trading range.
Pick your favourite stocks, learn their patterns and go trading.
