That's common practice in many professional trading establishments - use of bullet to take advantage of heavy down trending market. Early in the morning, a trader call in to the bullet desk to buy a bullet (1000 share long hedged by 10 in the money put for a fee from $20 - $50(may be lower fees nowaday)). The trader effectively shorts the market by selling the long position (no uptick rule), and covers by buying the long position back. Then the cycle can repeat numerous times in a trading day. A good tader of Zeev's caliber can trade on the short side in a down market doing this making real sizable profits with just one bullet in many of the Q stocks.
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