Since my timely call on the PM correction I had some success trading the EEV (Ultrashort emerging markets), since EEM has broken down from a consolidation triangle as I had been expecting. What's notable in yesterday's plunge was that the agricultural sector which has been a stellar performer of late was taken out the back and shot, so to speak. It doesn't bode well for the rest of the market now that the last bastion has been taken out.
I've been looking at the Ultrashort materials ETF, SMN. It moves as twice inverse of the DJ basic materials index (ETF: IYM, has a high correlation to XLB). It just broke decisively from a downtrend channel so may still have some room to run.