Any Indexs that are short?

Is there any stock or index that you can buy that
will go up in value when the market is going down?

You can't short in cash accounts but I'm thinking of
going short indirectly. Is there any way?

 

Rydex and others have mutual funds that go up when the market goes down.

 

andrasnm introduced me to Profunds in the following thread:

http://www.elitetrader.com/vb/showthread.php?threadid=2349&highlight=rydex

Profunds has funds that are short one and two times some indexes. Look up symbols USPIX, URPIX, BRPIX.

 

Can I buy the funds and sell them a week later? Is there any penalties or requirements for keeping them or can I just trade them like a stock?

Also, can I buy these funds with IB or Datek?

Thanks for all the help!

 

why not just trade put options or futures?. you can pick the sector, the stock, or the index with much more flexibility.