One More For The Bears

Although we had our ups and downs, when all is said and done, the bears can go to the weekend with another win.

For the week, the S&P 500 declined -6.78%, Dow -5.35%, Nasdaq +9.31%, and the Russell 2000 -10.50% giving up all of last week's gains and then some.

The best performing ETFs since last Friday were the "ultra" shorts - FXP, SRS, EEV, SIJ, SJH, SKK, RRZ, SDK, SDD, TWM, SKF, & EFU - all of which gained more than +20% on the week. The worst performers were filled with "ultra" longs like the URE, UVT, & UYM - but it is clear that markets worldwide lead the way lower this week. Namely, South Korea (EWY), Latin America (GML), Mexico (EWW), Russia (RSX), & the BRIC (BIK).

Next week we have the Fed meeting (yawn) and the start of the Treasury's TARP program (ugh) not to mention the final trading week of October (yipee!). Needless to say, if you're up on the week and didn't lose money, pat yourself on the back and give yourself a golden star. However, if you're hemorrhaging losses and taking on volumes of water, take the weekend and figure out how to right the ship and fast.

See you on Monday!