I’m long SDS, and I like it. I sell calls against the position to reduce the cost basis. The tactical idea is pretty simple. One day, the S and P 500 will begin to sell off systematically or wildly. Who knows? When that trade begins, I’ll be in it all-ready. There will be no psychological resistance to going short. Of course, the SDS stock can be called away, and I can open another position. The upside is really tremendous, and I can congratulate myself for being right and ready days or months or even years in advance.