A Trader's Guide to Contractions was just posted here at ES.
Chinese growth names are behaving quite badly now; coincident with an RS breakdown in Financials (including leader GS), AAPL (which has begun serious distribution of late, after failing to make new highs along with the NDX in November), various Retail and more.
I unloaded most of my position late today and will keep small for a bit while regrouping. I haven't played it so well lately, but I will say I find the action rather negative.
Total Position: 1.1-to-1 net-short, 20% invested
Currently Long (according to size): HMIN (5%), CML (4.4%)
Currently Short (according to size): AAPL (10.5%)
Futures Accounts: no position