I'll try to get some charts out this weekend, but for now, this decline is still accelerating down and there is no bullish divergence even on the hourly chart. So I will keep an eye on that before exiting the SPXU trade.

As for any new trade set-up, I think the best would be a bearish trade on any nice bounce, but if there is a real nice bullish candlestick after some more downside, along with confirming sentiment, then it may be worth a short-term bullish trade.

As a side note, in follow-up to what's going on in the Euro/dollar relationship, I personally wouldn't try betting against the Euro decline even though it is obviously oversold.

Also, realize that gold may be in a very strong position now. Both the US dollar and gold are moving up together. Typically there is a strong inverse relationship there. So the psychology seems to be flight to safety of gold away from paper currencies. But, since the other currencies are weaker than the US (among other factors) the US buck is going up too.