Again, I wish you good luck, not ill-will. I think your chances of making money is a lot higher buying FAS in the 8s and selling in the low teens, than watching FAZ go to single digits.
Why not take what the market is giving you? We're headed to SPY 920-950 before the MMs pull the rug under from the suckers who got in late. You still have a chance to make money on FAS/XLF/UYG, don't play the short side. They are going to destroy what's left of the shorts next week heading into Opex.
This is not Oct/Nov '08, or Feb '09. FAZ/SKF are finished, kaput. And even when it's time to go short, they will be so low that they will never, ever see anyting near their previos highs.
Again, just some friendly advice. I got caught on the wrong side of the trade and lost a lot of money last year, and now have made it all back. So, I know how it feels when you're fightin the trend, it's pretty ugly.
Just buy something long as a hedge. Good luck to you.