Already playing the downside, but not by buying the bear ETFs - I've sold calls on the leveraged bull ETFs
A few days ago, I sold 87 & 88 March calls on ERX (triple bull energy). I got over $8,000 in premiums - the positions are now only worth 2,200. They expire next Friday, so unless energy stocks run up a lot between now and then, they will expire worthless.
I also sold March 34 & 35 FAS (triple bull financial) calls with a similar result (so far).
I'm going to keep doing this kind of stuff as long as it keeps working.