This week I bought a few shares of SDS. It is a spy ultra short etf. Attempts to return "twice the inverse of the daily performance of the S&P 500 index." So far, doing pretty good, up almost 5% with the market down almost 2.5%. Right now, it's just balanced to offset some of my other equities.
Here is a link to all the different short options offered by powershares:
http://www.proshares.com/funds?products=98616&fundType=
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