The markets are getting hit very hard and traders may want to prepare for further weakness. Let's take a look at what is working and what is not.

Bullish:

Treasuries

(TLT) - Get Report

: As equities get hit hard, the bond play is looking good again. I talked about this on Friday. Move up your trailing stop as this ETF rallies.

Image placeholder title

Ultrashort Plays

:

ProShares UltraShort Finanials

(SKF) - Get Report

and

UltraShort Real Estate

(SRS) - Get Report

are also carrying through with gains as well and these two plays are acting very well. We would also move up our trailing stops here, but give yourself some room from current levels (minimum 50-cent cushion).

Medarex

(MEDX)

: This biotech play rising on positive prostate cancer news.

Upgrades:

Ameristar Casino

(ASCA)

and

Waters

(WAT) - Get Report

are rallying on analyst moves.

Well-Known Names Bucking the Downtrend

:

Coach

(COH)

,

Visa

(V) - Get Report

and

KB Home

(KBH) - Get Report

.

Bearish:

High-Beta Plays:

Intuitive Surgical

(ISRG) - Get Report

,

Green Mountain Coffee Roasters

(GMCR)

and

First Solar

(FSLR) - Get Report

trading sharply lower.

China Tech/Internet

:

Baidu

(BIDU) - Get Report

,

Shanda Interactive

(SNDA)

and

Netease.com

(NTES) - Get Report

are all getting hit hard.

Financials

:

Goldman Sachs

(GS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

leading financial gauges trading lower.

Transports

: We're examining railroad, airlines, truckers and package-delivery plays all weak. Watching

Union Pacific

(UNP) - Get Report

,

FedEx

(FDX) - Get Report

and

C.H. Robinson

(CHRW) - Get Report

.

Internet Giants

:

Google

(GOOG) - Get Report

,

Priceline

(PCLN)

and

Amazon

(AMZN) - Get Report

all trading 4% to 6% lower.

Commodity Stocks

:

U.S. Steel

(X) - Get Report

,

Freeport McMoran

(FCX) - Get Report

and

CF Industries

(CF) - Get Report

are all getting crushed.

Oil

(USO) - Get Report

and

Gold

(GLD) - Get Report

are also very weak in afternoon trading.

Traders may want to keep stops in firmly here. One of our "aggressive" dividend stock recommendations from last week is also getting hit hard, but we would wait before adding to the position. The UltraShort plays are looking good and we would stay with those plays here.

We are continuing to expect weakness for a little bit more, but there will likely be an end-of-month reprieve higher as fund managers try to polish up the second-quarter portfolios with some last-minute purchases. We'll keep you posted so you do not overstay any short-biased bets.

Be sure to visit our complete

recommended list of the Best Dividend Stocks

as well as a

detailed explanation of our ratings system

.

At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.