norbertc:

I see your point about the difficulty of trading any counter-trend rally. 

I ask this out of pure ignorance.  Would you hedge (SPY) a hedge (BEARX) in this instance?  If you believed that the longer term trend for the market was still down, let's say 1150 (hat tip to UH), but you wanted to participate in the counter trend rally that several have suggested is near term likely, why not purchase SPY? 

[Perhaps trying to "time" a 3-5% rally is impractical or just not worth the effort?]

Inquiring minds would like to know...