It seems that the Monday following expiration is usually the worst day for going long, followed by Wednesday. Turnaround Tuesday, Thursday and Friday of that week are not as bad. So putting some ultra-short ETF's to work just before the close of option expiration Friday could probably be a good one-day trade. Well I shall see how it works out as I came into today (the Monday following Option-Ex) with some heavy short exposure. Long SDS and DXD (short term trades).
***Update: The S&P was red most of the day until the last minute when it poked higher by a half a point. This market has been trading like it won't close red for the past couple of weeks. I am keeping my short bias on as the S&P is only off 4.5% from its all time high at this point, and is currently at 2033. With all the technical damage done lately and the deteriorating fundamentals, I can't see how the August meltdown was just a one and done.
I did go slightly long Crude and Nat Gas by shorting the 3X's leveraged ETF's - DWTI and DGAZ.