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Just a quick look at a couple of major United States equity ETFs after the vomit-inducing four-day mega-rally that started in the wee yours of Tuesday and didn’t stop until Friday’s close.
Here we have the S&P 100 fund, symbol OEF, which since February 24th has seen the “higher lows” that just about everything else has had. I’ve anchored a line to its Friday high, but frankly it isn’t particularly meaningful since it doesn’t correspond to any true pattern.
Thanks to a tidal wave of completely-made-up economic “data” from the central planning committee of the Chinese Communist Party, the China stock ETF symbol FXI went up almost 30% from just Tuesday’s low to Wednesday’s high, with many single stocks going up much more. Well, that’s all well and good, but their bull market is totally dead and buried, and Communist lies are not going to fool anyone for too terribly long.
Although I don’t trade it myself, I just saw this admonition pop up on one of my brokerage accounts.
So let me get this straight – – a financial instrument is designed to allow people to take advantage of increase in volatility, but the moment the market gets some volatility, they suspend trading it? OK, got it. You can imagine how delighted owners of VXX must be right now, since they’re foreclosed from, ya know, taking profits.
