One alternative you could consider amid the global uncertainty is a stock-replacement strategy, where you sell stocks that you like and buy in-the-money or longer-dated call options on those same equities.

FORBES: Days Of Technical Reckoning Ahead

Such restricted stock awards are the generally fashionable replacement for the stock options of yore.

FORBES: Apple's Tim Cook Voluntarily Forgoes $75 Million Payout

Bear Stearns recently recommended the stock, primarily on the basis that the FCC would soon approve replacement radios, which it now has, and that the stock had already collapsed.

FORBES: Magazine Article

But there is nothing new in the light rail schemes, bypasses, and the replacement and refurbishment of train stock that he announced.

ECONOMIST: Transport

His replacement, Jeffrey Kindler, has managed a 3% stock bump since he took the job, even though he oversold its cholesterol drug torcetrapib, a colossal failure.

FORBES: Taking Their Medicine

"The A380 is the replacement for the venerable 747, " says Campbell, whose firm owns 1% of the stock.

FORBES: Beating Boeing

However, the stock was hammered in February on news of the sudden resignation and departure of CEO Steve Creamer, and his immediate replacement by Val Christensen, the company president.

FORBES: Energy Solutions Looks Like A Buy