Minyanville's Todd Harrison Says We Are In The "Eye Of The Storm" (SDS, QID)

According to an article on Yahoo Finance, Todd Harrison, CEO of Minyanville, believes that we are in the "eye of the storm." He said that the current environment will prove to be "a relative calm between the first phase of the financial crisis and the cumulative comeuppance that'll flush -- and perhaps reset -- the system." Echoing similar comments made by George Soros, Harrison said that the subprime mortgage meltdown of 2008 was merely "phase one" of the financial crisis. Instead of providing "medicine that cures the financial disease" - debt destruction or restructuring and asset deflation - policymakers keep pushing "drugs that mask the symptoms," Harrison warns. The warnings of the former hedge fund trader should not fall on deaf ears. It seems very likely that there could be further dislocations in the global markets. Do not be surprised if another full blown crisis manifests itself in the coming years. The problem, however, is timing. My time frame for another eventual crash is anywhere between 2 months and well over 5 years. In fact, I think that we could see another tremendous bull market before the inevitable consequences of policy makers decisions in stemming the crisis of 2008 come back to haunt us. If you are looking to get short now, however, consider gaining exposure through leveraged short ETFs. The PowerShares UltraShort S&P 500 ETF (NYSE: SDS) seeks daily investment results that correspond to twice the inverse of the daily performance of the S&P 500 Index. The ProShares UltraShort QQQ ETF (NYSE: QID) seeks daily investment results that correspond to twice (200%) the inverse of the daily performance of the NASDAQ-100 Index. Be forewarned, however, that these two securities are primarily trading vehicles, as leveraged ETFs suffer from the phenomenon of "decay." The SDS and QID are not recommended as part of a long term portfolio, but will profit handsomely during a period of steep market declines.