The economy is still the pits yet stocks are on a tear. What's an investor to do in these confusing times?

John Mauldin, president of Millennium Wave Advisors, admits the average investor doesn't "have as many good choices" as in the past.

Contrary to what "experts" have told the public for years, now is not the time for buy and hold, Mauldin says. "You can be a trader. You can ride the wave, I've got no problem with that but I don't think you want to buy something and hold it for five years."

That's because he thinks another correction is coming in the not so distant future.

Mauldin, who writes the Thoughts from the Frontline e-letter, does think there's money to be made in real estate. With prices so depressed in many markets, he says buying property on the cheap and renting it "is a prescription for making money."