Using ur play money - smart move.
unless you are full time with the effort, its probably a losing gambit. I do the same. Most of my money is indexed, although I have reallocated more into fixed income. I believe the market is in the process of topping.
As for being long, I think energy is due. I am invested in names poised to benefit from a supply/demand deficit in crude oil. Reports are indicating that the supply glut from the past 3 years is narrowing...or already gone. But be warned...this is a volatile sector. I stick with well capitalized companies with manageable debt loads. Im also short overvalued big names ( well one). Shorting is difficult though so I do so with a small part of my play money using puts.