I think corporate bonds may be worth a look at the moment - though I think they are all a bit oversold with this interest rate fiasco.
I was fortunate to pull all my stocks in 2007 and go into the corporate bonds with a portion of the portfolio (though separate) in dividend stocks and Fixed rate cash bonds while they were good.
Corporate bonds risk can be spread effectively by the use of funds - I use some Ian Spreadbury's funds and they have given me some good returns(in ISAs) but I have on occasion snapped up the odd offering from Killicks.
Some dividend stocks are taking a bit of hammer ATM...............but what do I know.
Not one person in the "industry" advised me to pull my stocks when I did. Had I not done it I would be about 50k down now at least and also have a lot less money in my pension (which I also converted to a cash fund in 2007).
With HFT the way it is now - my view is that the equity markets are no place for old men
Good Luck
B