Tuesday was pretty tough in the markets, worldwide. One bright spot, however, could be found among the inverse ETFs that track the major indexes but perform in the reverse fashion. This blog recently recommended the ProShares UltraShort QQQ ( QID ) as its February Pick o' the Month (read the full post ). This ETF aims to go up twice as fast as the NASDAQ 100 goes down and vice versa. Lately this trade was going against us as the NASDAQ moved to a new 6-year high and QID dropped accordingly. I was seriously considering throwing in the towel. Then today QID moved up over 9% and provided some small consolation while the rest of my portfolio tanked. For the post where I initially discussed the use of leveraged long/short ETFs to profit in bear markets, click here .