Agreed. Trying to reach ProShares now, but clearly I am not the first to call and won't be the last. While I feel fortunate to have dodged a bullet, my true heartfelt sympathies go out to those who likely got fleeced today in what appears to be nothing more than a robbery. (I am assuming all the stop losses got filled at the opening price, nearly 10 pts below last night's close.) I guess this will be the model of what's to come...outright theft and simple stonewalling and avoidance in the general media.
These ETFs make clear they deliver twice the daily movement, dont blame them. If people lost money on this they failed to do their homework
Clearly you miss the point. The market DROPPED and if they deliver twice the daily movement, holders Long these double shorts should have booked a tidy profit today. Instead, they gotted robbed...just as I said.
Folks: I don't think there is anything sinister going on with these funds. It looks like capital gains distributions. The QID alone has 9.49928 in short term gains. http://biz.yahoo.com/bw/081222/20081222005889.html?.v=1 AZD
The problem is the way they "announced" the distribution. Yesterday after the close. It can mean big tax implications (Big short term vs. possible long term, 2008 vs. 2009, etc.).
ET threads FTW! Thanks for the clarifications everyone (and my apology Daal). It makes sense now, but that is one huge distribution. In the grander scheme of Wall St. bailouts, TARPS and the like, it was easy for me to carelessly jump to a false conclusion. Still, Ray's point is a good one...that they could have disclosed this a bit more responsibly (imho). IB didn't even send me a message like they generally do with other much more minor changes to a few closed end holdings I have.
I own the SRS. Wish I would have known about this. I hope my losses are offset by the dividend I will receive.
http://www.freetradingvideos.com/forum/forum_posts.asp?TID=1612&SID=df63b297ebz45e5a25dd5ce727e883ac Here's a good run down.