So far today things have been proceeding apace. The S&P has been moving in a very nice price channel since last Tuesday afternoon and is currently in the low 770s.
FAS is up 14% for the day - UYG is up 8.5% - that's what I'm talking about.
I still expect to see trouble at S&P 780. This doesn't mean to jump into the inverse ETFs right away (we may bust through, afterall) - but maybe take some profits off the table and keep an eye on things to be able to make the jump if you have to.
S&P500 15 Minute Chart 4 Days
