I am always looking for fairly conservative ways to profit from whatever is going on. I recently closed out some short positions and went long, which has paid off so far.

But I am not nearly sophisticated enough to buy individual European stocks. That's why the following is of interest:
How to profit from the Greek election

As of this writing, the wire reports are that the New Democracy party may be able to form a governing coalition. If this turns out to be true, there is a conservative way to make money from Greek elections.

The New Democracy party is the pro-bailout party and is committed to honoring the agreements Greece made. If this party succeeds, there will be more stability. Read: Pro-bailout party leads in Greek election tally

The conservative way that I favor is to buy a basket of stocks in the largest European multi-national firms such as Siemens SI +2.70% , Royal Dutch Shell RDS.A +2.39% , Novartis NVS +0.17% , and Glaxo SmithKline GSK -0.53% .

Fortunately, there is an exchange-traded fund that makes the task easy. We have taken a long position in SPD STOXX Europe 50 FEU +1.78% .

This ETF represents some of Europe's largest multi-national firms.

FEU Is Cheap

The P/E ratio is 9.18. The price/book is 1.49. Further the ETF provides a respectable dividend yield of 4.66%.