There is absolutely no reason to be pulling equity from the markets.  Rate cuts by the Fed have dropped interest bearing accounts to new lows, this is certainly not the time to be in cash.  Inflation is reaching 4-5% per year, its not the time to be invested at 2% per year.

Oil companies are looking very cheap when compared to other stocks.  Their revenue stream will continue for years to come as oil prices are unlikely to drop.  The only risk at these prices is a higher corporate tax, but the current administration is opposed to tax hikes.  I like Rowan (RDC) at this price.  With just a PE ratio of 8 and a growth rate of 16%, this is the best investment you’ll find in the oil market.  Rowan makes their own rigs to rent and sell to various refiners and exploration companies in the Gulf of Mexico and more recently off the coast of Africa.  They rent rigs for a daily rate in the hundreds of thousands of dollars.  Oil rigs are in short supply and the bidding wars intense, just last year Rowan moved a number of rigs to Africa where they get up to three times the rate Rowan was getting in the Gulf.  Oil companies are the place to be.

Next positions are mining stocks.  Mining companies make money regardless of current price because they enter contracts well before delivery date.  Some companies  refuse to enter these contracts and have benefitted greatly from higher prices.  Stocks like Gammon Gold do not contract price for gold or silver and thus always sell at market price, which has been remarkably high.