Scared? Here are top correction protection plays

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

It was a jarring start to 2015 after a long, smooth ride. The S&P 500's losing day Monday—it's worst in three months—snapped a 264-day streak without a four-day loss.

Fallout from oil's continuous drop, fears of another crisis out of Greece and the threat of an interest rate increase by the Federal Reserve have traders dusting off plays that should rise if this five-day selloff turns into an all-out correction.

Among the more popular protection plays are bond ETFs, dividend stocks, gold and some careful options strategies.

It also may be time to put in what graybeards on Wall Street call a few "silly bids."