Some may wonder if the Fed is in denial: while Bernanke calls for a "slow growth path," Wall Street is calling "recession" and exchange traded fund (ETF) investments and benchmarks are on a steady drop.

As Gary Gordon for ETF Expert points out, the S&P 500 SPDR Trust (SPY) has dropped 9.5% in 12 trading days and is roughly down 15% since the October 9 market top. Ouch!

Other benchmarks and ETFs on the same trend are PowerShares QQQ (QQQQ), iShares Russell 2000 (IWM), Financial Select Sector SPDR (XLF), all down on 20%+ losses from admirable highs. Is it time to grin and bear it?

For those investors who are tired of being dragged by those "wild horses" and are saying "gimme shelter," there are places you don’t have to feel like a rolling stone. Gordon looks at these funds and possibilities:

• Global Consumer Staples (KXI)
• Medical Devices (IHI)
• Lehman International Treasuries (BWX)
• Emerging Market Debt (PCY)

Tags: Consumer Staples, Emerging Markets, Financial, NASDAQ, Retail, S&P 500, Sector ETFs