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 iShares 20+ Year Treasury Bond ETF 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 ProShares UltraShort Financials Report

and

UltraShort Real Estate

(SRS) - Get ProShares UltraShort Real Estate 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 Waters Corporation Report

are rallying on analyst moves.

Well-Known Names Bucking the Downtrend

:

Coach

(COH)

,

Visa

(V) - Get Visa Inc. Class A Report

and

KB Home

(KBH) - Get KB Home Report

.

Bearish:

High-Beta Plays:

Intuitive Surgical

(ISRG) - Get Intuitive Surgical, Inc. (ISRG) Report

,

Green Mountain Coffee Roasters

(GMCR)

and

First Solar

(FSLR) - Get First Solar, Inc. Report

trading sharply lower.

China Tech/Internet

:

Baidu

(BIDU) - Get Baidu, Inc. Sponsored ADR Class A Report

,

Shanda Interactive

(SNDA)

and

Netease.com

(NTES) - Get NetEase, Inc. Sponsored ADR (NTES) Report

are all getting hit hard.

TheStreet Recommends

Financials

:

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

and

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

leading financial gauges trading lower.

Transports

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

Union Pacific

(UNP) - Get Union Pacific Corporation Report

,

FedEx

(FDX) - Get FedEx Corporation Report

and

C.H. Robinson

(CHRW) - Get C.H. Robinson Worldwide, Inc. Report

.

Internet Giants

:

Google

(GOOG) - Get Alphabet Inc. Class C Report

,

Priceline

(PCLN)

and

Amazon

(AMZN) - Get Amazon.com, Inc. Report

all trading 4% to 6% lower.

Commodity Stocks

:

U.S. Steel

(X) - Get United States Steel Corporation Report

,

Freeport McMoran

(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report

and

CF Industries

(CF) - Get CF Industries Holdings, Inc. Report

are all getting crushed.

Oil

(USO) - Get United States Oil Fund LP Report

and

Gold

(GLD) - Get SPDR Gold Trust 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.