It's another ugly day for the VIX (VXX -9.4%) which is back to levels similar to those seen in April 2010 and April 2011, i.e. good times to lighten up on stocks. The dive in the VIX just adds to troubles for the TVIX, which has seen both its premium to NAV and its NAV itself disappear. TVIX -17.6% today, down nearly 60% in 3 sessions. [View news story]
And what would those two be? GAZ has dropped quite a bit in the last 3 trading sessions (no doubt caused at least partly by the TVIX debacle) too.
More on the collapse in TVIX : "The long term expected value of your ETN is zero. If you hold your ETNs as a long term investment, it is likely that you will lose all or a substantial proportion of your investment." That line from the Credit Suisse prospectus is bolded and underlined. Don't say you weren't warned. (h/t Kid Dynamite) [View news story]
My problem was that I was unaware of CS halting share creation back on 2/22. Otherwise I would have never been holding on to this turd sandwich. Obviously something didn't seem right given how it was not tracking the VIX well at all.
Is there to be notified of any other ETNs that would have a similar halt of its underlying assets?
I'd like to short GAZ, but my broker TDAmeritrade will states that there are no shares available to short. Do you have any recommendations on how I can short this? I do not want to play options. Any brokers that I may have better success with?
Barnes & Noble (BKS +9.9%) spikes higher after hedge fund Jana Partners discloses holding an 11.5% stake in the retailer. [View news story]
It's another ugly day for the VIX (VXX -9.4%) which is back to levels similar to those seen in April 2010 and April 2011, i.e. good times to lighten up on stocks. The dive in the VIX just adds to troubles for the TVIX, which has seen both its premium to NAV and its NAV itself disappear. TVIX -17.6% today, down nearly 60% in 3 sessions. [View news story]
More on the collapse in TVIX : "The long term expected value of your ETN is zero. If you hold your ETNs as a long term investment, it is likely that you will lose all or a substantial proportion of your investment." That line from the Credit Suisse prospectus is bolded and underlined. Don't say you weren't warned. (h/t Kid Dynamite) [View news story]
Is there to be notified of any other ETNs that would have a similar halt of its underlying assets?
No Market For Reasonable People [View article]