In a market like this, all you can do is buy some index ultra shorts on a rally day and just sit back and do nothing. I bought ultra shorts on all 3 major indexes about a week ago, finance with credit put spreads on gld and have just sat. Haven't sold my jan'12 380 calls, nothing. Pretty much close to flat too, more lucky than good. Good luck to all during this mess... Let's be real with volatility like this, neither longs or shorts are making money.