Here is the ETF Professor's ETF Watch List for Tuesday May 17, 2011. The Nasdaq is a mess, so try the ProShares UltraShort QQQ QID. The Russell 2000 isn't much better, so look at the ProShares UltraShort Russell2000 TWM. Defense: Utilities Select Sector SPDR XLU. Non-inverse oil short: Guggenheim Airline ETF FAA. Emerging markets plays of the day: Direxion Daily India Bear 2X Shares INDZ, Direxion Daily Emerging Markets Bear 3X Shares EDZ and the Market Vectors Russia ETF RSX. Forex play of the day: CurrencyShares Swiss Franc Trust FXF. Bond play of the day: iShares Barclays 20+ Year Treasury Bond ETF TLT.