ProShares UltraShort Materials (SMN)

JohnCM we got out at the highs, but I hear you. Time to roll up the sleeves and get back in this POS for a quick buck, then as always.. short this MF to hell

We are buying now.. under the radar. Many people don't know what's about to happen. It's ok. I hear you, but we are buying now. You have been reasonable on here, I respect that. Cheers mate.

I like the play. In about 2 months.

JohnCM.. I get it.. but as much as I hate to say it.. this guy is set to explode for once.. rather then being shorted to hell be big USA banks to ease out their loses on actual investments. I would say.. BUY here. that's me.

Yes JohnCM.. this is truly known to the internal investment community that you can indefinitely short this to hell and profit. Cheers

I'm dropping the short on basic materials for the UVXY destruction via S&P Spalaxy 500

Bug Fix for SMN Chart from previous post: sorry server error

Chart not looking so good for SMN:

Well I wasn't hoping to have to fill this until next week, but whatever i'm loading up 17.12/17.13

Yes, where's that Spanish Paella? DOW needs to hit 12500 like now and get it over with already hah

We already know where Greece is headed!

Exclusive: Greece will need more debt restructuring - EU officials

http://www.reuters.com/article/2012/07/24/us-eurozone-greece-idUSBRE86N11D20120724

Tasty indeed, everyone should have known this was coming over the weekend. Goodbye Greekers!

Goooo SMN! DOW-Nassie dumping hard here

SPAAAAING!!! SMN

Keep it moving, no good news today Greekers first, who's next? hah.. EURO FUN

Love this, very swell ETF to hold and buy at dirt cheap prices while everything is poppin' to give back in May every year.. Roll on.

"weeee" I had said the DOW was over extended over 13000

Yes, looking very good for these $14 lots. DOW extended a bit too much here, looking for $15.70 here

Still holding my $14's here, may sell tomorrow AM if things turn. I like a nice 1.90+ increase in less than a month. Cheers dude, as we said. Nothing lasts forever. I'm also playing EUO the euro ultra dumper.

Looking ok thus far, up a few from $14.25

I like what I see, Nasdaq bumpin' to the DOW dumpin'!

:P Cheers mate

Agree. Good entry prices today.

COBRA STRIKE! $14.25 dow way over-extended, $4+ gas coming asap this summer, oh baby!

Time for action? I think so.

Let's roll in $14.06 here this AM.

This and SDS are the only things i'm buying today :) I'd say peaks hit all around. Goodluck

Back in 17.32 Let's do this again ;)

I'm in 17.36 DOW due for dumpage! :D Cheers

haha i almost bought this morning. dang

Twinkle-Twinkle little star - I wonder how bright SMN will shine this PM.

fire_bag hah yes I know bro. I waited and finally caved in and got some 17.73 here on the way up. Will watch like a hawk may see a dow bounce just yet

Still holding here.. after this Sunday (super FED failure) and today's German blunder I suppose it's a good thing to hold this week.

I've been holding this lot for a little while, finally time to capitalize! Cheers mate, I see you got some excellent fills while I was on vacay in $17's at as well! Excellent bro

nice!

Hah still holding my $17.95's hah today is a good day, may wait for tomorrow though!

In at 17.89. Rolling the dice today.

Hmmm... wonder where she'll go today.

Got some $18.65's this AM want to see how it fares out I can see DOW coming back a snip.

Greek vote proposal undermines shaky euro deal

FRANKFURT, Germany (AP) — It took only a few words from Greece's prime minister to upend Europe's efforts to convince the world that its grand plan to save the euro would mark a turning point in the continent's debt crisis and keep it from hurting the global economy.

The chaos generated by George Papandreou's mere proposal to put Greece's participation in the deal to a referendum exposed the fragility of the European plan and the lack of confidence it enjoys in markets.

A top European official warned that Athens could be left to go bankrupt if it went through with the vote and experts said the broader eurozone deal — which hopes to protect larger countries like Italy — could collapse.

Ultimately, Greece could leave the euro union, causing massive financial havoc and pushing the global economy back into recession.

That prospect could be enough to keep the referendum from happening — Papandreou's government could collapse before the proposal goes through, having lost huge amounts of support from its own party.

After a grueling seven-hour Cabinet meeting, Papandreou's ministers expressed "total support" for his referendum proposal and said the vote would be held "as soon as possible," government spokesman Ilias Mossialos said early Wednesday.

But Papandreou's government still faces a vote of confidence scheduled for Friday. The prime minister was summoned to attend emergency talks Wednesday on implementation of the bailout convened by French President Nicolas Sarkozy and German Chancellor Angela Merkel in Cannes, France, a day ahead of the Group of 20 Summit in the French Riviera.

The referendum proposal piled more pressure on an already creaking deal that was facing scrutiny from markets that found details wanting.

European leaders agreed last Thursday on euro100 billion ($136 billion) in new bailout loans for Greece to accompany a 50 percent debt writeoff on the debt owed to its private creditors. The broader plan will also push European banks to strengthen their finances against losses on Greek bonds and strengthen the bailout fund to backstop other governments.

Yet key details were lacking: Would enough banks join the "voluntary" writedown? How would a scheme to magnify the bailout fund's financial power work? Would banks refuse to raise new capital and instead buttress their finances by simply lending less money, hurting the economy? Would the 50 percent reduction still leave Greece with too much debt to repay?

Now the referendum proposal adds even more uncertainty. Yields on Italian bonds have jumped above 6 percent despite an effort by the European Central Bank to drive them down by buying them in the secondary market.

The referendum proposal also calls into question Greece's commitment to the bailout plan. Parliament was due to vote on it, but hanging its fate on a popular vote in Greece, where protests have intensified over the past year, is perhaps too bold a political move.

Papandreou is hoping to get a solid mandate to implement austerity measures over coming years, but the uncertainty created by the proposal itself — and the fact that the vote would be months away — risks sinking the European deal before Greeks can even vote on it.

Jean-Claude Juncker, the chair of eurozone ministerial meetings, suggested Greece may not get its next bailout loans — which had already been approved and were due to be paid out in coming weeks — if it goes ahead with the vote.

Athens runs out of money to pay pensions and salaries by mid-November and has to pay bondholders money in December. Failure to do so could trigger a messy default with dire consequences for stock and bond markets.

Markets would plunge. European banks would suffer losses, making credit harder to get for businesses and hurting the economy. Borrowing costs would rise for other European governments, companies and households, worsening their finances, on fears they will default, too.

Banks and financial firms in other countries would suffer as well. American broker MF Global Holdings filed for bankruptcy protection after markets lost confidence in its heavy bet on European government debt.

President Barack Obama and other leaders of the Group of 20 forum of rich and developing countries have urged Europe to wrap up a solution to the debt crisis by a summit in Cannes Thursday and Friday so that the crisis does not disrupt global growth.

If Greece defaults, its banks will likely collapse because they hold large amounts of government bonds. They would probably need to be taken over by the government. Unable to borrow, Greece would have to immediately balance its budget by making even more drastic cuts.

At that point it might face a decision to leave the euro, which would let it devalue a reinstated drachma by some 50 percent and improve export competitiveness.

"The community's patience with Greece seems to be running short," Commerzbank economist Christoph Weil wrote in a note. "Against this backdrop there is a real risk of the IMF and eurozone countries terminating their support payments."

Facing collapsed banks, "it is likely that the country would opt for an exit from the European Monetary Union as it would in this way regain its ability to act on monetary and fiscal policy at least in the short term."

Months of uncertainty over the vote, to be held early next year, would threaten the stability of larger economies like Italy, which saw its borrowing rates rise sharply on Tuesday and would be too expensive to rescue.

Fears that the plan could come undone drove a broad retreat in global markets. Germany's DAX and France's CAC-40 both slid 5.2 percent but Italy's main index fared even worse, slumping by 6.7 percent.

The euro fell 1.5 percent to $1.3648 while borrowing rates jumped higher for Italy and Spain, considered the next weakest links in the crisis.

http://news.yahoo.com/greek-vote-proposal-undermines-shaky-euro-deal-201140943.html

Looks like another blood bath tomorrow.

My guess sucked hah. Double dippin' hard here. Glad I held onto half my sheet. $20.40+ again would be awesome

That's great news indeed. Dow creeping up a bit here now, my guess we hit bottom there and this will continue to creep down.

I held $18s overnight. Happy I did.

Hrmm DOW down and SMN was not showing direct correlation. Odd it was going down sharply when DOW hit peak low.

I'm taking a lil profit here $20.43's up bigly at the moment here as dow tanks

Greek referendum deepens euro zone crisis

http://www.reuters.com/article/2011/11/01/us-greece-referendum-idUSTRE79U5PQ20111101

The leaders of France and Germany scrambled on Tuesday to limit damage after Prime Minister George Papandreou decided to let Greeks vote on a bailout package -- a move that stunned markets and threw Greece's euro zone membership into question.

Time to roll folks! GO SMN My $17 lots here should pay off

Yoowkzas mate. Asia taking a hit yes indeed. It's down about 87 points right now. Woes continue

Also FEDS on the ball for MF Global here, check it

Regulators Investigating MF Global for Missing Money

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

NIKKEI 225 opened down.

That's what I like to hear! Very nice my man, I agree we'll see where asian/euro markets go later today. Excellent trade. I wasn't sure if we'd dip that low but it appears to have happened. It's a pretty scary halloween for wall street today! :P Cheers