I agree that the scenario that Grandmatobe has proposed - its likely that you have had a MC and there is still some tissue remaining which is causing your HCG to increase.
While some women may spot a little during the 1st trimester, it is not normal to have:heavy bleeding, passage of clots, or bad cramps that accompany any bleeding. Most of these situations have a bad outcome which, along with the ultrasound result, (and any other tests your doctor performed including examination of your cervix) is the reason why your doctor said you have definitely had a miscarriage.
Even if your ovulation date was later than you thought, you should see something on the US at your HCG level.
Thanks for your input, I appreciate it :) They want me to have another ultrasound. Perhaps my ovulation date is later than I thought it was and I'm not as far along as I thought I was. If that's the case it would have been too early to see anything on the ultrasound. I've heard its not uncommon to have a heavy period during pregnancy.
I'm sorry to hear that this occurred. Most likely, the rising levels are due to tissue that has remained behind and the miscarriage has not completed. Has your doctor suggested a D&C or to have the natural miscarriage?