This is now back at a Support level. I am keeping this on my radar...what is happening in the markets confuses me everyday...but here we are. This is an ETF that shorts the S&P500. Thusly, you buy it to "short"the market. Interesting instrument.
I am mentioning the level only, no confirming price action for me.
I suspect Matt is right, and this is the bursting of the latest bubble. At a minimum I think we'll see a retracement to February highs (about 10% to go), for the rest of the market, and a nice rise for SH. I own it, but I'm too nervous to go betting big against the market. From 9/3 onward the inverse ETFs have done quite nicely. Pulled out of everything else then, and saved some HUGE losses.
MattArmstrong
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@N0tSwift, you know, it's just such a house of cards now.....if/when my positions mature and I lock in gains...it will still sadden me. I am honestly disgusted with the whole Ponzi-esque scheme. Thanks for the comment.
MattArmstrong
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this market is a casino gong show...I am standing in the parking lot with a token and a pack of sandwiches....waiting for it all the crumble.
knoblybits
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me too, thanks for this.. hang in there .. its gonna be worth it..
MattArmstrong
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@knoblybits, yeah, I just don't see this getting better.... forever, this is a textbook financial crisis forming.
MattArmstrong
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@knoblybits, look at that reaction today. yikes for Mr. Market.