The best risk/reward market short remains eurodollars

With the TED spread at only ~24bps and short-term rate expectations sitting on lows, there isn't much lower LIBOR rates can go.  http://www.bloomberg.com/apps/quote?ticker=.TEDSP:IND#chart.  In the event of any kind of market panic, eurodollar futures will tank.  In the event the equities and/or other markets continue trickling higher, your losses on short eurodollars will be minimal.  Of course, this is only an intermediate-term hedge for equities, and cannot be relied upon for tight day-to-day correlation.