trading strategies

here's an idea: delta hedge triple-leveraged etfs. want to have (price of underlying)/(price of hedge) as high as possible, with high vol on underlying. take advantage of the fact that leveraged etfs rebal their derivative guts daily, so their delta changes with the underlying price. hold the hedge, buy/sell the underlying to match delta, make $$ every time the underlying price bounces up, with very low risk as long as you adjust the hedge daily. if you have too much cash, buy more hedge when the price goes up instead of selling the underlying. look for 3x etfs at http://3xetf.com/ this is very similar to the way people delta hedge options, but very simple to manage and with no trader-type restrictions. another way to do it could be to hold the underlying and buy/sell the hedge. i'll need to check into liquidity/trading cost issues there. for example: long term treasuries: hedge tlt (or maybe vglt?) with sbnd. financials: hedge sef with fas. real estate: hedge schh with drv. russia: hedge ? with rusl s&p500: hedge spy, ivv with spxu or maybe the factorshares spread etfs?