The opening trades have become more important than ever(http://www.elitetrader.com/vb/showthread.php?s=&threadid=190027). I've decreased my loss limit to good extent for open trades because I dont really think it's possible to cover back in mid-day. The other think which helped me a lot is reducing size-- if you're not sized up full can patiently sit through the whipsaws to close flat... or even average at a good level.
There's been some opportunities in the small caps this past week (SERV, FONR, VIFL, etc) but otherwise trading is as dull as ever. So long as the market keeps creeping higher on no volume it will remain this way.
Looks like you have a hedging opportunity by loading up on ES. If the market tops, you would lose money but make up in stock trading. I'm not endorsing this approach, simply pointing out that its inconsistent to hold these views and not act on it
Funny you mention that, I've thought a lot about it lately. Next time it seems like the world is ending and I'm making a lot of money I'll buy some SPY leaps or something.