There is a term in the market called a dead cat bounce. That is where we are at now. Thursdays bottom was an oversold reversal. The market cleared out the technical sell stops and then closed on the high of the day. If there is follow through to the downside then we are in for a bear market. Right now we are in a correction of a bull market or the beginning of a bear. The market is never identified in a bear market until it is too late.
How long are you willing to hold your stocks as they deteriorate in value?

The 60 year cycle has peaked in this time period and in my opinion we are in the topping formation. We still have not reached the levels of 2000. The influence of the 60 year cycle does weigh heavily on the market now. During this time period I would liquidate your stocks on a individual basis as they rise and put your money to work in bear market funds or reverse interest rate funds or cash and earn 4% or above. Find defensive stocks that give consistent dividends. Buy hard asset funds as they are correcting over the next 6 months.
Interest rates are going to kill the market.