The Volatility ETF hits the Reset Button
Submitted by Stockmaster3 on Tue, 10/09/2012 - 20:28
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A bit of nothing up my sleeve work from the from the brain-trust at Proshares. They did a sneaky reverse split on the iPath S&P 500 VIX ST Futures ETN 's (VXX) on Friday.
The reverse stock split turned 4 shares to 1 share of the VXX. Boosting the stock price of the VXX from $8 to $35 overnight. The VXX did have a good today as stocks couldn't make up their mind on which direction or which headline to believe. Volatility was brought back into the forefront with the VXX finished up 4% to close at $35.98.
Should the market continue to flip-flop John Kerry style then the VXX makes for a decent play. However place tight stops if you intend on trading it. Use caution and only apply ample amounts (much like zit cream).
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