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Play Editor's Note: The VIX volatility index is rebounding. Traders willing to speculate on another market meltdown might want to consider buying calls on the VIX. I would suggest September calls. Meanwhile if you think there is more hurt ahead for the financials consider buying calls on the extremely volatile SKF or puts on the UYG. The UYG is not quite so stomach churning. Both of these ETFs are in the financial sector and will move twice as far as the sector itself. Note: the SKF goes up in value as the financials go down.

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