Here's my submission for a simple 401-k investing strategy. Invest 70% of your payroll deduction in a broadly diversified stock mutual fund, 30% to a money market fund. Once a quarter compute your average cost to date. If the current share price is less than your average cost to date, exchange all of the money market shares into the stock fund. Eventually, the average cost will drop so far below current price that you will never get more buy orders, then you can aim the portfolio from there.
Should work well over a reasonably long time horizon, and only requires about 5 minutes every 3 months. Of course, I suspect like some of you, I could never be that patient. I override my "automatic" systems constantly- not necessarily a good thing.