It’s not too late to join the party and play the downside (link too late to go short article on OZ) of this economic mess.  Challenging times call for bold strategies, and if you can focus on short-term trading opportunities you can actually profit from the pain.

I like the idea of trading three double-short ETFs that mirror the indexes of companies that will surely get hit as the full fury of the brutal global recession overwhelms the U.S. economy in the coming weeks and months.

You should consider short ETFs as short-term plays that will provide you with effective hedges and give you an opportunity for substantial profits.

UltraShort QQQ ProShares (QID)
Tech firms continue to get hit in the market despite decent third-quarter numbers, but it's the guidance expect that will continue to rain on the parade as more technology companies disclose their ugly numbers. Needless to say, companies exposed more directly to consumer spending will experience even-harsher disappointments.

UltraShort Real Estate ProShares (SRS)
As much as the real estate industry has suffered, the declines are not over. Housing remains a huge burden on the financial system, but commercial real estate is also cracking. Everything from shopping malls to office buildings is set up for a terrible fall after years of massive overbuilding.

UltraShort MSCI Emerging Markets ProShares (EEV)
EEV represents an unusual step outside of the U.S. equity markets for us. But the U.S. economy and financial system is sick and -- as we've seen in recent months -- it's seriously contagious. The emerging market indices, which have fallen even more than U.S. stocks, have rallied strongly recently, and this gives us an opening to jump in.