The double-inverse versions of the new ProShares ETF family are due to start trading on the American Stock Exchange Thursday. Several things:
* My source for that information was ProFunds chief executive Michael Sapir. So we’ll skip the usual health warning on scheduled Amex launches.
* The four new products are designed to return twice the inverse performance of the Dow Jones Industrial Average, the S&P 500, the S&P MidCap 400 and the Nasdaq 100; i.e. if the Dow is up 1 percent, these ProShares lose 2 percent (plus whatever you get taken for on the spread. They do, after all, trade on the stock exchange equivalent of Rick's Cafe).
* When the double-long ProShares were launched Jun. 21, the market obliged, with the Nasdaq 100 jumping almost 1.6 percent, and the S&P 500 almost 1 percent. Past performance etc etc, but consider yourself warned. Another dire portent for the superstitious: Thursday is the 13th.