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Ordinary (Chinese) World
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Shortly after "cleaning house" (Dynasty - Looking Toward the New Year) I read that China had frozen bank lending in an attempt to curb runaway investment in their market. So I quickly sold FXI, the Chinese ETF in my StrategyLab fund, managing to preserve some of the gains it had made. This freed up some more ETF (or non-ETF) dollars to invest -- but what to buy? Every, single, foreign ETF I'm following went down, today -- Monday, Nov.19. (They are: FXI, China; EEB, BRIC; EWZ, Brazil; HDB, Bank India; PGJ, China; VWO, Emerging Mkts.; ILF, Mexico & So. America; FNI, Chindia; IIF, India; EWH, ChinaHongKong; EEM, Emerging Mkts.; EWP, Spain; EPP, Pacific ex.Japan; EWA, Australia; RSX, Russia; EWC, Canada; EZU, European Monetary Union; IEV, Europe; EFA, EAFE; EWS, Singapore; VPL, Japan; EWN, Netherlands; VEU, Emerging & Developed; EWQ, France; DLS, IntlSmCap; EWD, Sweden; ITF, Japan; EWJ, Japan; JSC, Japan; EWO, Austria; MXE, Mexico.) Of my StrategyLab fund only VSE Corp. (VSEC), UltraShort Real Estate (SRS) and UltraShort Financials (SKF) went up, today. Of my 53 Magic MicroCaps only 12 went up today. And I don't trust that figure because, especially with microcaps, Marketocracy can continue to update during the night. However, checking the Yahoo information for the biggest winner, HMSY, this health benefit services company was truly (and inexplicably) up about 6%! Well, that's the microcap market for you. Unfortunately I didn't feel this was the best stock for the StrategyLab contest fund. Then doing a Google search for ETFs which are up recently I discovered ProsShares' new International Short and UltraShort ETFs! The outcome was simple. I replaced the long Chinese FXI with ProShares' UltraShort FTSE/Xinhua China 25 (FXP). I am still bullish on China for the long haul but for the short term of this contest, and maybe the next, I think there will be enough of a market correction to make the short-ETF a good bet. | ||
