Is it any coincidence that on the day the National Debt Clock ran out of digits (yes, this is for real, it's breached 10 trillion), the market again sank to new lows on mass selling to the tune of a 7% loss for the Dow and 6% loss for the Nasdaq.
In today's swoon, which has become a common theme, I finally sold the last my short positions. While it was refreshing to have cash to go in and buy at some major discount prices, within hours, the joke was on me. Only taking time to look at my portfolio around lunch has its drawbacks. I bought 5 UYG Oct 10 strike call options, when UYG (2X Financials ETF) was trading around 10 thinking "it just can't go any lower" and lower it went after my purchase...down to 8.4. While there's virtually no time left on these (so they're cheap), the market has been soooo volatile and UYG was at 18 a week ago! It's a little different than an individual stock, which CAN go to zero. For an entire index of financials to reach zero is not feasible. However, to reach the low single digits...it's headed there perhaps.
So, was anything up today? The inverse ETFs of course!
Check this out:
UltraShort FTSE/Xinhua China 25 Proshare (FXP) - Up 50% Today!
UltraShort Financials ProShares (SKF) -Up 21% (Opposite of UYG)
UltraShort MSCI Emerging Mrkts ProShares (EEV) - Up 12%
52 Week Highs?
Greenfield Online Inc. (SRVY)
If you enjoyed this article, make sure to Subscribe to this feed
0 comments:
Post a Comment