For 26 years, at the start of each year, I've conducted an annual survey of newsletter advisors, asking for their favorite investment for the coming year. Until 2 or 3 years ago, their responses were almost always individual stocks and an occasional mutual fund.

Increasingly in recent years, many advisors have found their favorite positions to be exchange traded funds, whereby they can invest in a sector, region, or strategy without the inherent risk of an individual company. Indeed, in this year survey of 75 advisors, fully 1 out of 5 advisors chose ETFs.

ETFs were a popular choice for those seeking global exposure. Mark Salzinger, editor of The Investor's ETF Report, selects the S&P China SPDR (NYSE: GXC) as his favored play. (Read the full article here.)

Nick Vardy sees opportunity in China, but also sees potential in a broader range of emerging global markets. The editor of Global Stock Investor looks to the iShares MSCI Emerging Markets (ASE: EEM) as his top idea for 2009. (Read the full article here.)

Carl Delfeld of Chartwell Advisors also wants to own a basket of emerging markets stocks, but only small caps. His pick is the WisdomTree Emerging Market Small Cap (NYSE: DGS). (Read the full article here.)

Jim Lowell takes a similar view -- chosing global small caps -- but adds a further restriction. His recommended ETF limits its holdings to dividend paying stocks. Hence, the top pick in his Marketwatch ETF Trader is the WisdomTree International Small Cap Dividend (NYSE: DLS). (Read the full article here.)

ETFs an also be used to play a specific sector, such as consumer stocks. Leonard Goodall sees upside in companies making the "basics" such as soda, toothpaste and soap. In his No-Load Fund Investor, his top way to play this trend is the Consumer Staples ETF (NYSE: XLP). (Read the full article here.)

In addition to using ETFs to invest in a region, country or sector, these vehicles can also be used to invest in a certain strategy. For example, Tom Bishop, editor of BI Research, chooses the PowerShares Value Line Industry Rotation ETF (NYSE: PYH), which rotates its holdings to only include stocks that earn Value Line's top investment rating. (Read the full article here.)

Doug Fabian, editor of Successful Investing, looks to PowerShares DB Crude (NYSE: DXO), an exchange-traded note. While this leveraged position goes up twice as much as the underlying index when it rises, it also goes down twice as much when the index declines. (Read the full article here.)

Paul Tracy, editor of StreetAuthority Market Advisor takes a similar approach, but rather than speculate on the price of oil and gas, he looks to ProShares Ultra Oil & Gas (NYSE: DIG), which invests in a basket of stocks operating within these sectors. (Read the full article here.)

The most popular choice in this year's survey was ETFs investing in gold. Both Vivian Lewis, editor of Global Investing, recommends the SPDR Gold Trust (NYSE: GLD); it's price reflects 1/10th of an ounce of gold. (Read the full article here.)

Mary Anne Aden, editor of The Aden Forecast, also selects the SPDR Gold Trust (NYSE: GLD) as her top investment ideas for the coming year. (Read the full article here.)

Mark Leibovit, market timer and editor of VRTrader, holds a long-term bullish view on gold and opts for upside leverage. His top pick is the PowerShares DB Gold Double Long (NYSE: DGP). (Read the full article here.)

Pamela Aden, co-editor for The Aden Forecast, also sees upside potential in gold but prefers to invest in the companies that mine for the precious metal. Her top pick is the Market Vectors Gold Miners (NYSE: GDX). (Read the full article here.)

For greater leverage (and higher risk), Steve Rawls, editor of Tipping Point Stocks, suggests the ProShares Ultra Gold (NYSE: UGL), which moves twice the rate of the underlying London gold price. (Read the full article here.)

Mike Larson, editor of Money & Markets, sees downside risk in financial stocks. But rather than try and select which stock might fall, he opts for a basket of financial players with the ProShares Trust Short Financials (NYSE: SEF). As an "inverse" fund, this moves in the opposite direction of the underlying index. (Read the full article here.)

And for even higher risk and volatility, Michael Shulman, editor of ChangeWave Shorts, looks to the ProShares UltraShort Financials (NYSE: SKF), an inverse double fund. Not only does it move in the opposite direction of financial stocks, but it moves twice as much. (Read the full article here.)

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

"If you're going to stay invested, you should look to defensive sectors," explain Ron Rowland and Brandon Clay, who point to consumer staples as a top pick for the current market environment.

In their Invest with an Edge, the advisors explain, "Perhaps the best way to stay defensive is with the Consumer Staples Select Sector SPDR (NYSE: XLP), an exchange traded fund.

"In a bear market, opportunities are usually limited to certain sectors. Surveying the investment horizon, we think the consumer staples sector has the best opportunity for growth in this economy.

"Regardless how the economy acts, people still eat. Consumers may not shop at Whole Foods, but they'll still buy groceries. Companies like Wal-Mart (NYSE: WMT) and Safeway (NYSE: SWY) will continue to rake in revenues from hungry customers.

"In addition, these companies should continue to receive additional revenue from consumers who normally shop at specialty stores, but can no longer afford to.

"Consumers may not be shopping at Sharper Image any more, but there are other creature comforts that will be difficult for Americans to abandon.

"Coca-Cola (NYSE: KO) and PepsiCo (NYSE: PEP) will still sell products during a prolonged downturn. In addition, companies providing toiletries and convenience like Procter and Gamble and CVS Pharmacy stand to do well during a shifty economy.

It's another tough day on Wall Street, but for Coca Cola (NYSE: KO) it's looking like a very good day, as shares are moving strongly higher after the company reported better than expected third quarter earnings this morning.

For its most recent quarter, the soft drink giant was expected to show earnings per share of 77 cents, but the actual number was a more impressive 81 cents per share (83 cents excluding one time items). The company noted that strong growth in emerging markets really helped boost the quarter.

The quarterly numbers represent a 14% increase from the company's third quarter last year when it reported 71 cents per share. Revenues were up 9.1% during the quarter to $8.39 billion.

While demand within the U.S. has been wavering for the company, strong international performance helped Coke come through with a strong quarter. While the company saw a 2% drop in U.S. sales in the quarter, it put up pretty impressive revenue growth figures in other markets -- 17% in Eurasia and Africa, 10% in Europe and 24% in Latin America.

In the midst of all the bad news it's hard to imagine the stock market ending the year higher than it started. However, that is entirely possible and probably much better than a 50/50 bet. If you want to play it safe consider buying into an index fund or exchange traded funds (ETFs) instead of banking on individual stocks.

For broad coverage you cannot beat the Vanguard Total Stock Market or the Total International Stock funds with the lowest fees and longest history in this area. I think it has also been generally accepted investing strategy over the last few decades that in bearish markets there is a run to quality and "guns and butter" stocks. If you were to follow this old adage you would be considering three sectors, healthcare, defense and consumer staples.

Mutual funds and ETFs (with less history) are less volatile and offer greater diversification than most investors could achieve, and at much lower cost. If you dollar cost average over the next few months you should also be able to smooth out some bumps in the current market.

When the political machine goes to work to juice the economy the market has most often responded positively. That does not mean it's smart for the country, but since when is a politicians first thought about the country.