I agree the market is in for a dip, but as you suggest, it should run a bit higher first. I think the dip will begin with a huge sell off day; problem is, no one knows when this day will be. Until then, I will just keep trading as though we are in a bull market. Once the reversal hits, there will be a lot of short play potentials - makes no difference to me which way things are moving. When the markets are trending up, I hunt for gap ups. When they are trending down, I hunt for gap downs. I play the OTC the same way as promo tickers are largely immune from the overall market - volume and percentage movements suffer, but they still go up (before they crash anyway).
If you want to short the market, take a look at TZA. I play TZA and TNA every week if they don't move with the SPY as they should. Small caps obviously will suffer the most when the market turns.
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