Barclays Capital Short C Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500® Total Return IndexNASDAQ
BXDC is defunct since January 4, 2013. Stopped trading due to fund redemption
  • Jan. 29, 2013, 7:52 PM

    Barclays announced automatic closure of the leveraged ETN BXDC, which is linked to the inverse performance of the S&P 500. The securities are being redeemed as the result of a stop loss termination event occurring on Jan. 4.

    | Jan. 29, 2013, 7:52 PM
  • Dec. 18, 2012, 12:51 PM

    More on the BAML fund manager survey: The tailwind of low equity exposure is over, with hedge funds taking their long stock bets to the highest level since August 2006. More: Just 12% of fund managers are overweight cash, the lowest level in 9 months. A net 11% see improving corporate profits next year, a 22 point swing from October, when 11% saw declines ahead. (PR)

    | Dec. 18, 2012, 12:51 PM | 4 Comments
  • Dec. 17, 2012, 10:55 AM

    More from Tepper: Pure trader, Tepper (video clips here) keeps things simple - we have an okay economy and the Fed promising to print $1T/year for at least the next 2 years. What else do you need? Unnoticed by much of the media (not here) is another central bank put - Mario Draghi has a rate cut already pocketed and ready to use when needed. "We could have Prince" (party like 1999).

    | Dec. 17, 2012, 10:55 AM | 3 Comments
  • Dec. 17, 2012, 8:36 AM
    David Tepper - who famously called the big post-QE2 bull market - is back on CNBC and very bullish again. The market has just a small bit of downside risk from these levels, he says, but a return to market multiples not seen since the 90s is the upside. All that's needed for ignition is a deal out of D.C.
    | Dec. 17, 2012, 8:36 AM | 12 Comments
  • Dec. 14, 2012, 8:24 AM

    A stock market top may be near, says Mark Hulbert, taking some Ned Davis research and probably running a bit too far with it. Data show Financials and Utilities typically lag the S&P in the months leading to a top, while Discretionary and Staples outperform. In the last 3 months, 3 out of 4 of these conditions have been met. The data is barely conclusive when 4 out of 4 match. Three out of 4?

    | Dec. 14, 2012, 8:24 AM
  • Dec. 13, 2012, 9:08 AM

    The envelope please ... The winner of the ETP of the year is Invesco's PowerShares S&P 500 Low Volatility Portfolio (SPLV). The trend-setting product has generated a good deal of alpha - total return of 18.3% since May 2011 inception vs. S&P of 9.9% - by holding the lowest volatility stocks. It now has more than $3B in AUM.

    | Dec. 13, 2012, 9:08 AM | 1 Comment
  • Dec. 4, 2012, 10:52 AM

    The disconnect between analyst sentiment (bearish) and the direction of stocks continues to grow, notes Ryan Detrick, hoping to combination represents a contrarian buy signal.

    | Dec. 4, 2012, 10:52 AM | 6 Comments
  • Dec. 4, 2012, 8:16 AM

    Based simply on recent PMI levels, Western stock markets are 15-35% overvalued, says Deutsche Bank, which believes the Fed's QE∞ and the ECB's OMT have allowed equities a 6-month grace period. If early 2013 economic prints don't start to improve, look for stock markets to give up and adjust downward.

    | Dec. 4, 2012, 8:16 AM | 6 Comments
  • Dec. 3, 2012, 7:29 AM

    Not surprising given the firm's 1575 target for the S&P 500 next year, Goldman's Global Strategy Team upgrades U.S. equities to Overweight for the next 3 months. Global growth is "a hump to get over, then a clear road ahead," is #1 among the Top 10 themes for 2013.

    | Dec. 3, 2012, 7:29 AM | 6 Comments
  • Nov. 29, 2012, 8:09 AM

    Goldman Sachs details its 1575 price target on the S&P 500 in 2013: Expecting better growth than most, the firm likes cyclical over defensive sectors, and tech over staples, telecom, and health care. A "grand bargain" in D.C. along the lines of Simpson-Bowles "would spark a PE multiple expansion and a higher target."

    | Nov. 29, 2012, 8:09 AM | 3 Comments
  • Nov. 28, 2012, 8:57 AM

    Consumer confidence tells us more about how the stock market has already performed than it does about the future," writes Mark Hulbert, reminding the gauge (yesterday's big print) has a great record as a lagging indicator. If anything, he says, strong readings tend to be correlated with negative stock performance going forward.

    | Nov. 28, 2012, 8:57 AM | 1 Comment
  • Nov. 27, 2012, 9:02 AM
    Analysts' 2013 S&P 500 earnings estimates slid to about $113 last week, but should stabilize around there until the January earnings season gets started, writes Ed Yardeni. At 1406, the S&P is now trading at about 12.5X 2013 estimated earnings.
    | Nov. 27, 2012, 9:02 AM | 1 Comment
  • Nov. 26, 2012, 3:52 PM

    Stocks are not cheap, writes John Hussman, warning of the Street being "lulled into complacency" by record profit margins, and by comparison to the valuations during the late-90s bubble. Tossing both aside, he finds the S&P 40-70% above valuation norms, roughly the same level as reached at the beginning of the 1965 secular bear market. (see also)

    | Nov. 26, 2012, 3:52 PM | 3 Comments
  • Nov. 21, 2012, 1:42 PM

    A bit of perspective on the mildness of the recent pullback, CJ Mendes provides a graph of the percentage of NYSE stocks 2 standard deviations below their 200-day moving average. It's at the high end of the range, but not at an extreme, nor anywhere close to the levels reached during last fall's great buying opportunity.

    | Nov. 21, 2012, 1:42 PM | 4 Comments
  • Nov. 21, 2012, 9:03 AM
    The Vickers insider sell:buy ratio falls below 2:1 for just the 4th time since March 2009, writes Mark Hulbert, who notes it neared 7:1 at about the time of the market peak 2 months ago. The other 3 occasions, the ratio fell below 2:1, a significant bottom in the market was near.
    | Nov. 21, 2012, 9:03 AM | 3 Comments
  • Nov. 19, 2012, 7:20 AM
    Goldman's David Kostin sticks to his 1250 year-end target for the S&P, saying those hoping for a quick resolution to the fiscal cliff are dreaming. With the capital gains tax set to rise 830 basis points to 23.8%, Kostin says the selling will continue in December if past experience with tax hikes of this size is any guide.
    | Nov. 19, 2012, 7:20 AM | 3 Comments
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