The following chart represents the total percent change for each of the S&P Select Sector ETFs for the past session, week, and month.

Financials and Energy have led the market decline over the past month, returning a respective negative 8% and 7%.  In contrast to Financials, Energy showed some support last week as a draw in reserves overcame a downward revision on Exxon Mobil's projected targets.

This last week's rebound in Energy and Materials, however, is a complex result.  Given that there was little positive data last week and that the consensus calls for more recessionary-supporting data next week, the Energy and Materials sectors must be reacting to expectations on inflation and the exchange rate. 

I'll be watching for unexpected data from Monday's Chicago PMI, Tuesday's ISM, and Wednesday's Employment, Factory, or Crude releases.  Here are some of the simplest ways to use ETFs to make bets on these moves:

UYM: Double Long Materials or SMN: Double Short Materials
DIG: Double Long Oil&Gas or DUG: Double Short Oil&Gas

Note that both of those long-side ETFs have suffered from low liquidity relative to their short-side counterparts lately.  Thus, buying calls or writing puts in the underlying Select Sector ETFs XLB or XLE are alternative ways to hedge larger positions that might suffer from liquidity costs.