"Many are wondering what to do with their cash now – particularly if they’re income oriented," says Keith Fitz-Gerald. In Money Morning, he explains where to "park your cash."

"First, get ready to sell your longer-term bonds. Odds are that the bond markets are headed for one final blow-off rally. We don’t think the Fed's acvtions will be enough for much more than a temporary 'relief rally. Second, buy T-bills.

"If you’re a little more aggressive, and longer-term in orientation, and do want to buy the bonds anyway, one of our favorite choices is the PIMCO Strategic Global Government Bond Fund (NYSE: RCS).

"It’s presently got an impressive yield of 7.70% and pays monthly. The trick is that if the dollar gains some footing, it may drag on performance, but with a solid income, we’re less concerned about that if the markets drop farther.

"Third, work the ladder. When rate increases begin in earnest, begin buying a good old fashioned interest rate ladder, and split your bond investments amongst instruments with two, three, five and 10-year maturities.

"Research shows that you can capture 80% or more of bond-market returns, using maturities that are 10 years or less without the volatility that plagues longer-term bonds – such as those with 20- and 30-year maturities.

"Fourth, consider currencies. We don’t advocate trading on the currency exchanges. Instead, we prefer a specialized choice like the Powershares DB G10 Currency Harvest Fund (ASE: DBV).

"This ETF simultaneously takes long positions in the world’s three-strongest currencies and short positions in the world’s three-weakest currencies, as measured by interest rates."