Mono Red Madness is almost entirely red, so Blue Elemental Blast and Hydroblast are excellent here: each can counter or destroy Fiery Temper, Lightning Bolt, Fireblast, Guttersnipe, Kessig Flamebreather, Voldaren Epicure and the rest of their red spells and permanents for a single blue mana. The exceptions are Sneaky Snacker, which is blue-black, and the Blood token, which is a colorless artifact, so those are not valid targets. Gut Shot only deals 1 damage, so it is only a removal spell for their X/1s. It kills Voldaren Epicure and Sneaky Snacker, but it will not kill Kessig Flamebreather (1/3) or Guttersnipe (2/2). Because it can be paid with 2 life, be careful using it for free against a burn deck, so only bring in a couple. Steel Sabotage has almost nothing to hit, since their only artifact is the Blood token, so it stays in the sideboard. Deem Inferior and Sleep of the Dead are too slow against this fast clock, Deep Analysis's flashback costs life you can't afford against burn, and the expensive Cryptic Serpents are too slow to cast, so they come out too. Keep the Counterspell and Dispel suite online: Dispel answers instants such as Fiery Temper and Lightning Bolt, while Counterspell is what stops Guttersnipe and the other creatures.