There was a big pre-market move today, and then not much happened until this afternoon when things finally took off to the upside. The S&P has moved nicely above all the 800-area resistance points - those should now be support on the way back down - and FAS is up 31% while FAZ is down by the same amount. Gotta be nimble to play these guys.
S&P 500 and FAS - 10 Minute Chart - 2 Days
Here's a 10 minute chart showing the S&P and FAS for the past 2 days. Notice that Friday the uptrend had broken down and things were headed downward. Now it's the exact opposite, especially after breaking through the S&P 800 area which beat the last rally.
The play is definitely the long financial ETFs (UYG 2x, FAS 3x). We have some serious resistance coming up in the 818 and 830 areas (the S&P 800s are filled with all sorts of treacherous areas) - let's see if the rally this time (maybe Wall St actually likes this plan!) will keep things moving through these areas.
Good luck.