Frankly speaking, I am not afraid of the volatility, but am just afraid of whether my counters are doing business well given the current market condition. The good company can grow to a better company by applying cautious expansion strategy. By next year 2014, I am still looking good in several sectors (it maybe translated to a lesser return possibility if everyone is looking good in those sectors), such as Oil & Gas, Consumer, Construction (especially for those related to BTO / MRT projects) etc. For those sectors that greatly impacted by the interest rate sensitivity would be REITs (yield spread would be widened), Property Developers (property cooling measurement is taking a hit now),
If you are a long term investor, you should not be afraid of the market sell off for a time being. In fact, Singapore is now one of the cheapest stock markets in Asia in term of PE (about 13X or 7.7% earning yield). So long as the FD rate remains below 3.0% by year 2015 / 2016, I believe that there are more people willing to take out their money from banks & CPF OA to invest in various investment tools.
Having say that, I do not think it's wise to bet for a trend in short term as volatility still there. Ya, I'm still a strong believer in betting big in a good company is far better than putting money in bank in long run.