My general strategy right now is to get long commodities - through ETFs or production companies.

I would probably short USO and oil production in general right now. As soon as the Arab political situation becomes more certain, I think oil will head back down to 70. That'd be a good time to buy in, especially considering the prospect that we may be at peak oil already, the Saudis may be lying about their reserves, and China's appetite is going nowhere but up. $150 oil I could see in a year or two, which would pay handsomely.

The nuke scare in Japan will make Natgas exploration more lucrative, even if it's resolved without major incident. I don't know about coal production plays, but considering that it's our major electrical baseload fuel, and considering the now-increasing hesitation on nuke, I think it's a solid play.

Precious metals are retardedly high right now, imo. I'd expect some sort of 30%+ devaluation in the next year, which would be a good time to buy in again.

Now would be a good time for real estate.