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It's a Great Day to be Great! Or Short.

|Includes:SPDR Dow Jones Industrial Average ETF (DIA), EDZ, SPY

For anyone that didn't read my most recent most, I mentioned that Europe and the US Debt Super Committee would have a lot of impact on this week's trading, and so they are. Increased fears of the failure of both have whacked global markets today. Currently, the Dow (NYSEARCA:DIA) is down about 300 points, with the S&P 500 (NYSEARCA:SPY) down almost 30.

If you were short over the weekend like me, you made out like a bandit. I held the Direxion Daily 3X Short Emerging Market Shares (NYSEARCA:EDZ) over the weekend, but if you held any triple short ETFs, you've made anywhere from 5-10%. The EDZ was up 13% at one point, but as of now is up just 11%. Just 11%.

It's a great day to be short. However, tomorrow's action is again the million dollar question. We could see another day like this easily, or we could be up just as much. There is a lot of data coming out tomorrow (GDP, Fed minutes), so that could take our eyes off of Europe for now.

Stocks: DIA, SPY, EDZ