Whitney Tilson discussed the mutual fund Rydex Venture 100 Fund (RYVNX), in his Fool.com article "Am I Early or Wrong?" (yes, this article is old) as a best way to short the NASDAQ.
As mentioned in the MSN Money site, "[t]he Venture 100 Fund seeks to provide investment results that correspond to 200% of the inverse performance of the NASDAQ-100 on a daily basis. The fund will do this by engaging in short sales of securities and utilizing futures and options contracts on securities. The fund will also hold U.S. Government securities to collateralize the futures and options contracts. The fund may also engage in equity index swaps and enter into repurchase agreements."
The expense ratio is 1.75% and there is no load. The only problem is minimal investment is $25,000. If this is too much, then another way to profit from a market correction is to short the Nasdaq 100 tracking stock (AMEX: QQQ).
Also my personal take of the market: I think the overall market, especially tech stocks, are way overvalued. Another major correction like the 2000's is in the making.