Despite Monday's huge rally, investors are taking a somewhat skeptical view of Europe's $1 trillion bailout fund and looking for areas of safety, not risk.
The big surge in the major stock indexes, in fact, all came at the open, with markets giving up some of those gains the rest of the trading session.
Investors were left to decide whether the bull market rally was back in gear or last week's market meltdown portended tough times ahead.
"There's too much volatility in the financial markets and that sometimes inhibits growth to a degree," says Kim Rupert, managing director of global fixed income analysis at Action Economics in San Francisco. "'Try not to make big investment decisions on these days when we're moving big figures at a time. Monitor the situation. It's a really difficult investment environment."
CNBC.com checked with some investment experts to see how best to play Monday's relief rally and found four general themes:
1. Avoid Europe
While US markets rallied in response to the European bailout plan—dubbed "Les TARP" by some—the reaction had more to do with domestic issues than European markets.
After all, the fear over Greece—and the rest of Europe—was always more about its debt problems spreading beyond its borders to the US.
"Europe is stable as an economy but I don't find a lot of opportunities among European companies," says Jordan Kimmel, market strategist at National Securities in New York. "Not a lot show up in my models of fastest-growing healthy companies. You're finding them in America, finding them in Latin America, finding them in China. Europe is stable but not a growth environment."
At least—and, perhaps, at most—the apparent resolution of the European debt crisis could rid the global investment environment of a headache that would stand in the way of the mostly intact recovery picture.
"A lot of the problems last week correctly were laid at the doorstep of Europe—the idea that while Greece isn't a very large country and while it's not that meaningful in the grand scheme of things, it sets a template for how the EU is going to handle the rolling issues of sovereign debt remaining across the Mediterranean," says David Twibell, president of wealth management for Colorado Capital Bank in Denver.
"It still makes sense to own equities at this point, but I would be light Europe and overweight Pacific Rim," he adds.
2. Stay With Quality
Using the recent stock market slump, which wiped out most of 2010's gains, to buy best-of-show companies was a recurring theme through the day on Monday.
"There's still much more upside in the stock market, through the rest of this year, and possibly 2011," Andy Bischel, CEO of SKBA Capital Management, said in a CNBC interview.