Opinion on  Ultra S&P500 ProShares (SSO)
weekly RSI in SPX at 2002 levels

all indicators are bearish and out of the charts, starting with $VXO and ending with only 5 SP500 stocks above 50MA. but the most outstanding is put/call ratios in QQQQ/SPY/DIA. For in-money we see ration 1:10 and higher. For example right now 70K and 10K of open put and call positions in SPY and $96 (SPY=96.34) put which expires in 4 trading days from now costs $3.6. I mean $3.6 !!! this put prices in about 5% move down.

and another thing - last two days we witnessed sell off both in bonds and stocks. no diversified strategy was safe.

put/call ratio in QQQ is staggering 337/41 - there are 337K open put position at-money alone or 30 mil shares which is approximately 10% of daily trading volume and only 6 days to expiration. $VXO crossed 70 and $VIX 60 i think both at all times highs

...and put writers are going to be squeezed. there is very serious blood . i think that in Oct at least expires equivalent of 150mil shares of QQQQ or cool 3bil. i bet a hedge fund or two had positions not covered