I'm going to preface this post with a qualifier that I'm generally insanely early with my thoughts--which generally means that I get it wrong. Nevertheless, I'll post this.
One area that really takes it on the chin in a slowdown is advertising. A couple of weeks ago, I had Lamar Outdoor Advertising as a possible short. I bought some July 65 puts today. (It is currently trading at $63 and some change--small change, less than a dime.)
I was prompted to take this position because Monster reported slower growth in its advertising business. Also, I've noted that there are a few prime billboards (oh how I hate billboards) that are vacant that belong to Lamar. I'm no technician, but it looks like LAMR is trading at the upper end of its channel. I really do not see much upside catalyst for this stock, though they do have a monster buyback program. I'll admit that I'm a contrarian indicator--so they may end up doing quite well!