EEK. Check this out: http://www.proshares.com/funds/smn.html?Index
56% of the holdings are in chemicals, and I don't know anything about chemicals so I can't comment on that.
Around 40% of the holdings are in mining and industrial metals, which look oversold right now to me.
Usually gold in particular goes up in bear markets. It hasn't been doing that yet, but it may go up in it's traditional way later. Right now gold has two pressures, one as the traditional area to move money in dangerous times, pushing it up, whereas the value of it as a commodity per se has been going down for people that actually want to use it for something.
Even if the US is burned for 5-10 years by the present crisis, world economies elsewhere are becoming more important.
This is a great time to take basic commodities for people that can afford to sit on it for a few years because the market for those will revive and more, guaranteed. That will require patience. But you are in ultrashort, not long.
Looks like you've got yourself a time bomb.
The overall market isn't done crashing though, so who knows, you might get rescued by accident.
The correct strategy is highly indeterminate. I think you have to ask yourself how much risk tolerance you have and decide whether you can take the risk of further losses.
