One of the biggest questions on investors' minds these days is this: Have we reached a new bull market? Some say "yes." That's after the S&P 500 rose more than 20% from its bear market low in October.

But not so fast. To truly enter bull territory, an index also should post new highs. That hasn't happened yet.

Still, considering market performance over the past few months, this doesn't really feel like a bear market either. So if you have $10,000 ready and waiting to invest, what should you do?

The good news is you don't have to invest for a bear market or for a bull market. You can make wise long-term decisions and apply them right now -- no matter what the market is doing. Here's how.

Focus on the long term

First, it's important to focus on the long term. When you look at a particular company, consider what's ahead for that player -- and if it has the resources to get there. If things look positive, you may consider buying that stock today.

A good example is coronavirus vaccine maker Moderna (MRNA -0.74%). The company has built up billions of dollars in cash thanks to sales of its blockbuster vaccine. With vaccine demand on the decline, revenue is set to fall in the near term.

However, Moderna is investing in late-stage pipeline programs -- and expects to launch two new respiratory vaccines next year. The company says this respiratory vaccines portfolio could capture as much as half of the $30 billion respiratory vaccines market in 2027.

Another example is Lululemon Athletica (LULU 0.22%). The maker of yoga-inspired apparel already met goals of a growth plan -- and now, as part of a second growth plan, it aims to double annual revenue by 2026. Its earnings growth even during recent tough economic times makes me optimistic about its chances of meeting goals.

So, regardless if the market is rallying today, Moderna and Lululemon could offer you top returns over time.

Now, you might ask, "How long is long term?" It's at least five years. This gives the company time to act on growth or recovery plans, and you time to benefit. If you're investing in a company like Moderna with big plans a bit farther out than five years, unless something about the investment case changes, expect to hang onto the shares for quite some time.

Look for buying opportunities

Once you're ready to commit for the long term, start looking for buying opportunities. Bear markets are known for offering these because many solid stocks decline -- and land in bargain territory. And even today, as the market has rallied out of perhaps the worst of the bear market, plenty of opportunities remain.

Chewy (CHWY 0.12%), an online seller of pet supplies, reached profitability last year. Earnings continue to climb -- and the company now aims to expand into Canada.

In spite of the good news, the stock hasn't taken off. It's trading at 71 times forward earnings estimates, down from more than 100 early last year. This is reasonable considering Chewy's growth so far and long-term prospects.

And even in a bull market, you may pick up shares of stocks that have been left out -- or stocks with momentum that haven't yet reached their peak.

Consider your investing style

Finally, the third point to consider before you invest: your comfort with risk. If you're a cautious investor, you should favor stocks that go along with this style. By this, I mean companies that offer you a certain level of security when it comes to earnings -- such as healthcare players.

And you could also include dividend stocks in your portfolio. They'll pay you passive income annually, whether the particular stock is rising or falling.

If you're an aggressive investor, you'll want to favor growth stocks in any market environment. In bull markets, they'll generally perform. And bear markets offer you the opportunity to pick them up for a song.

By favoring, I don't mean "going all in." For instance, aggressive investors may put 75% of that $10,000 into growth stocks and the remaining 25% into some of the safer plays. Cautious investors might do just the opposite. Keep in mind that you can use this strategy whether you have $10,000 to invest or a lot less.

All of this means that talk about whether we're in a bull market today or a bear market is interesting, but it shouldn't greatly change the way you invest right now. It's more important to invest according to your investment style than according to current market movements. Bull and bear markets come and go -- and might impact your portfolio in the near term. But a solid investment strategy could make you a winner over time.