First off the good news,

I WAS GRANTED MARGIN

That means I can finally go in and out of stocks like I have always wanted to, and in this volitile market, that is the most valuable thing you can hope for.

The market was set for a turnaround and looking at where oil was going I decided that An investment in the S&P 500 was a good idea.

SSO is a double leveraged etf, so if you apply another 2x layer through margin to it you are getting a BROADLY diversified portfolio, yielding 4x the daily result of the s&p 500. You could also short the market 4x with SDS. Now this may seem like a risky move, but lets consider what could concievably happen in a three day period. Lets say the market moves up 1.3% a day. This would mean that SSO would be yeilding 2.6% a day, with compoundment this would mean that you would have yeilded 8% on a regular portfolio. And 16% on a leveraged 2x portfolio. In otherwords, the market retraces less than 3.9% (Which I believe it will.) and you made 16%. Mind you, the exact opposite could happen, so be careful, and ask an investment advisor before doing anything.