There is no doubt the recent events in Eastern Europe have caused plenty of pause from market players. Until there is some reasonable closure there will be plenty of nervous and worried investors. Not to mention Fed policy is quite hawkish, little doubt they will be raising rates at their next meeting in March and beyond. But what do we do in this situation?
I think if you're trying to do too much, you can wind up in a world of hurt. And what is too much? Trying to out think or out smart the market will give you plenty of trouble. We talk about it all the time, the message of the markets can be viewed simply and honestly though the lens of technical analysis. The indicators will never lie to you.
Market uncertainty is always there, but the level and height of uncertainty varies. Currently it's a difficult time in the markets and there are few market trends that have established themselves. If anything, a bearish trend seems to be the best way to play this market, but resolutions may be at hand.
What happens if you have committed to the bearish side and some news comes out of a resolution? You'll get blindsided, take your positions off - then days later your 'insurance' is that much more valuable. Then you chase it, and the cycle begins over again. Nothing good comes from this action.
My best advice would be to slow it down and take your time. Markets often go though turmoil but manage to make it to the right side eventually. In the meantime, doing some chart work, being patient and learning some new skills would be great during this challenging time. Let others take risk while you're waiting patiently for better market conditions. It won't be like this forever, and you'll be ready for the next move up.