BAG: Yes, but...
I bought a partial position in the Velocity 100 at Friday's close betting on a big gap up today, which is what happened in late September 2002 after the one-week selloff in the market when it reopened following 9/11. Bad guess on my part.
When I realized that the futures were negative and the first hour of trading should continuation of the downtrend, I sold the position using Rydex's 10:45AM pricing. I was fortunate and REALLY lucked out -- the loss was minimal since COMPX was near the high of the day at that time.
My other bet was that we were within 2-3% of "the" low in the Nasdaq prior to a rally. Frankly, I am now more concerned that there will be no summer rally and markets will drift lower through successive support levels. Frankly, there is (IMO) the outside chance that Nasdaq goes down to 1100-1150 without anything more than the usual 1-2 day wonder rallies.
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