Obviously, the odds of success on the short side are very poor nowadays.
One area I was hoping to use as a hedge was the underperformance in China (5th worst index in the world in Q1 2010), via a short of Morgan Stanley China A Shares Fund (CAF). But even that has now reversed, and it's time to cover. All bear hideouts are being smoked out.
I only had a 1.5% allocation, since having any shorts on these days is harmful to your health, but I'm taking a 7% loss. I'm strongly considering turning this around and going long as I like this sort of setup. (Click to enlarge)
Disclosure: No position