John Carter discusses the down market today as well as IWM, TLT, DXY, KO and MMM. IWM has been a his first choice for hedging, suggesting investors buy puts and sell calls on the stock. The stock has closed twice below the 21-period moving average, which Carter says is an indication to start shorting rallies. QQQ is down today and the monthly chart is extended, but has not shown any triggers unless it closes again below the 21-period. TLT has been volatile with the FOMC data and has come down to the ADMA. The yen has broken down despite the market also going down. SPDRS and transports have been hammered. Carter points out the flight to safety in the dollar, as we have not seen this much of a sustained move for a while. MMM and KO are both down, which is worrisome because they are both solid longs. Carter cautions investors to look where the market closes after the employment data on Friday. If it closes down again Friday, Carter predicts a lot of market downside.