Leveraged ETFs all suffer from time decay, and with few exceptions, they are terrible long-term plays.
For the first six months of 2009, the XLF Financials index was down ~6%. FAZ, 3x inverse, and FAS, 3x long, were down -84% and -64%, respectively. You would have gotten your arse handed to you regardless of what side you were on.
Leveraged ETFs are short-term plays and short-term plays only. Good luck.