With the market seemingly somewhat unsatisfied by the bailout of Spanish banks and jittery, CCI was looking for a way to get a little hedge in the portfolio today. I decided to buy the double short NASDAQ ETF (QLD) today. I chose that trading vehicle because Apple was holding its world wide development conference and it seemed like the recent increase in Apple could have been an example of the classic "buy on the rumor, sell on the news". Apple is a big, big part of the NASDAQ.
For whatever reason, the market did fade badly at the end of the day. CCI skimmed a little over 1% from this day trade.....(ahhh.... what I meant to say is "profited from this sophisticated, leveraged, hedge".)
3-1-4 on the double shorts this year.
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