(New York)

The stock market is rich, with prices sky high and valuations closing in on their historical peak. The conundrum, though, is that while there is a lot risk, there may yet still be a long way for the market to rise before falling. How to play it? The answer is the options market. Because the incredibly long period of low volatility, options prices are very low, which means if one uses a solid options strategy, there is a potentially inexpensive and effective way to play the market.

FINSUM: This seems like a smart way to play further upside, while keeping costs down, especially if you are already long stocks to a major degree and want to take some chips off the table.