The market is going through a good and healthy correction, that trend can continue for another week or so... I bought the VelocityShares Daily 2x VIX ST ETN (TVIX) last week, and it's up pretty good in a few days but I will sell it soon.
I don't think this sell-off is done yet, it can continue for awhile... in fact last week could have been the top, but only time will tell. All asset classes are in bubble territory, maybe they correct all at once... being in cash or shorting the market is not a bad idea, especially if this sell-off continues, which I suspect it will.