Let's go out there and chuck some ultrashort etf hand grenades. If you need a hedge, you can pick up the Feb 2009 35/40 Call spread for about 1.25. It may be hard to get filled so there's going to be some slippage there. But you're risking 125 to gain 375 with a max gain at 40, which is very feasible if we turn down for an extended period of time. This is a low-probability play.
Not necessarily a good trade by itself, but if the Santa/New Year/Obama rally doesn't last, it would be good as a hedge.