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NEW YORK (ETF Expert) --Investing in stock assets when the S&P 500 is hitting fresh highs can be as dangerous as driving on a yet-to-be-plowed stretch of highway. You may get to your destination without a hitch. Then again, you might spin out of control and crash.

At present, both the

eurozone's ongoing recession

and "Snowmageddon" on the East Coast are likely to have an adverse impact on U.S. economic growth. It follows that a blind allocation in a blizzard is ill-advised.

Traditionally, clean-up efforts have been beneficial to corporations like

Home Depot

(HD) - Get Free Report



(LOW) - Get Free Report

. Reconstruction endeavors have also been positive for the homebuilders. In theory, you may even see a jolt to the automakers if enough cars are destroyed by this weekend's snow superstorm.

There's little reason to doubt that repairs and rebuilding will occur after the snowfall stops. On the other hand, homebuilders and automakers have already had a remarkable run. Indeed, it may be more sensible to pursue beneficiaries that have not pole-vaulted quite as high over the previous three to six months.

For example, according to the Automobile Association of America (AAA), the price of retail gas has rocketed 30 cents in the last month alone. By way of comparison, natural gas prices have been tame.

If one accepts the idea that a snowstorm of the projected magnitude is likely to push heating costs higher, and if one looks at residential heating oil prices outpacing retail gasoline over the previous eight winters, it is reasonable to anticipate bigger profits for the natural gas producers.


First Trust Natural Gas

(FCG) - Get Free Report

. Whereas the


and the S&P 500 have risen way above the highs of September 2012, FCG is still recovering. Only recently has this exchange-traded tracker of natural gas companies climbed back above a long-term 200-day trendline.

Another motif that may have traction is the increased usage of the Internet and social media during superstorms. It happened during Hurricane Sandy in October.

Whether one employs "hashtags" on


, or seeks guidance at


(FB) - Get Free Report






(GOOG) - Get Free Report

, there is plenty of reason to expect larger-than-life traffic volume. Online retailers also stand to gain.


Global X Social Media

(SOCL) - Get Free Report

has already experienced a super-sized jump off its November lows. It also has an enormous 13% weight in Facebook, which might increase volatility in your portfolio. I would prefer

First Trust Technology AlphaDex Fund

(FXL) - Get Free Report

, which boasts a wider distribution across tech companies as well as a stock selection methodology based largely upon fundamental value.

Finally, a snowstorm, even one as severe as the one this weekend in the East, may not be as threatening to the insurance industry as hurricanes or earthquakes. Hurricane Sandy did little to deter people from betting heavily on financial company gains.

On the flip side, the frequency of weather-related events may undermine the ability for insurance companies to accurately underwrite. If they cannot accurately assess probability of loss, insurers may experience smaller profits... either due to an unwillingness to write policies or due to a substantial uptick in claims.

If you are an aggressive trader, you might consider shorting

SPDR KBW Insurance

(KIE) - Get Free Report

. The fund is severely overbought as evidenced by Relative Strength Index (RSI) readings consistently over 70; the ETF itself is more than 15.3% above a 200-day moving average.

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This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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