Today I initiated an aggressive short of the S&P on todays bounce. I am long 10 Sept SDS 34 calls @2.18. With daily re-balancing of these leveraged stocks, I am keeping a short leash on this trade. I think market is heading considerably lower... but with low volume you can never tell. I could be broke long before the market is rational.
The jobs number could come in very bad, and the market could still rally. GDP revision could be negative, I don't think that is priced in.
I will let you know profit/loss.