Friday, March 9, 2012

Double Yawn

In breaking news today.....Greece defaulted.  

CCI thought either this event triggering credit default swaps and/or momentum money going to the sideline for the weekend might make today a good day to hedge the portfolio by adding a little of a  double short etf to the portfolio.

Hence,  this morning CCI bought the double short for the NASDAQ 100 (QID)
And......... yawn.  

I just went back and checked. From the point of purchase this morning until the end of the day the etf traded between down $.12 and up $.06.   That "huge" move is in a double leveraged etf.  
That is certainly a....double yawn

Near the end of the day, CCI got stopped out at break even. 
0-1-2 this year trading the double shorts.

Not sure why all the market moves this year seem to be pre or post market, but this does provide a feeling of  complacency.  Who knows, but that is sometimes a per-courser to a market pullback. 

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