SSO - Proshares Ultra S&P 500 - tracks the S&P 500 in double time (Example - If the S&P 500 is up 1% then SSO would be up 2%)
In a yeara a drop from 101 to 36 - the media is screaming its the end of the world, everyone is in a panic, congress is a mess (as usual), blood in the streets, time magizine's front cover is the next depression - I am buying some SSO for my IRA for a longer term outlook - We go may go lower but that is why its a long term play. Will sell half at 40 (10% gain) and move stop to even. May be a week, 6 monthes or 2 years or never.
As for Day trading, mostly sitting on the sidelines after the first 30 minutes. As I state in my business plan I only take a few quality trade setups a day. In these crazy markets I am even more picky - the goal is always to protect your capital. If your not trading you cant lose money. Be Picky!!
Gap n Go shorts are working quite well. Never push it, and these markets are all over the place. Never hurts to sit on the sidelines and watch the fun.