Now how am I going to play this and what is a good setup? Well, the safe way is to go with an ultra etf. However, if you like to gamble then I say go for the March/April 145 calls.
However, a lot of cash can be made using a Dan Zanger method with the ultra etfs...using a high amount of margin on the ultras using simple technical analysis. A nice 20% swing during a bear is a 40% swing with the ultra. Using margin and you almost got 80% 2-1) in 3 months if played right.
Im taking the calls.