I was in such a rush to leave the office I forgot a few key points. Oh and I was right about oil and gold.
Well if you don't want leverage I'm not sure about a non-levered oil short ETF but you can always short USO (if its available). Buying USO though makes you a [Daniel Plainview]Speculator[/Daniel Plainview] and the enemy of the general public.
I had intended to tell you to short all the indexes on any and all strength. To do so you should buy DXD, SDS and QID. For non levered soultions you could buy DOG, and short QQQQ. DXD and DOG are for the Dow Jones Industrial Average, QID and QQQQ are for the Nasdaq and SDS is for the Standard and Poor's 500. Admittedly I'm not too fond of SDS because it (S&P 500) has strength in energy stocks typically making it less likely to see large selloffs, although I do like it for it's tech strength. I'm bearish on tech.
Good Luck and Good Trading
EDIT: I would also short these into any strength, retailers, banks especially Lehman Brothers (LEH), Research in Motion (RIMM), Valero (VLO) when oil is low, United Airlines (UAUA) and other airlines except Southwestern (LUV) following the same principle as Valero. Valero is a small sized oil refiner who buys oil then turns it into the various objects it's used for key word "Margins"
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