Now That We've Cleared Out That $FAZ Nonsense...
Via Shocked Investor comes the FAS FAZ LOSS-O-METER "Losing you $60M every day":
These charts shows the losses in the FAS and FAZ ETFs on a 20-min delay basis. The first chart shows the current value of $20k invested as $10k in FAS and $10k in FAZ at inception. The second chart shows the total amount of $ lost in market valuation of the funds.
FAZ is more of a spaz, with a 52 week high of $1,155.00 and low of $16.39. Remember the easy money whores begging for the high octane crack? Here is where you can find them sniffing around hoping Bernanke jerked a load of fresh fake money all over the markets that morning. Erm.
I mean you guys aren't still buying this, are you? These are the people Bernanke is covering for, this is who the "extended period of time" language is written into the FOMC minutes for, the zombies who still believe that this crap must continue for "recovery" to happen. Keep going, eventually you'll rub it raw and it'll only hurt harder when Bernanke and Crew finally cut off the crack for good.
The law firm of Gilman and Pastor LLP makes an announcement to all investors in Direxion Financial Bear 3X Shares (NYSE: FAZ) concerning the class action lawsuit filed on September 18, 2009 in the United States District Court for the Southern District of New York. Investors only have until Tuesday, November 17, 2009 to move for appointment as a lead plaintiff in this case. The Class is seeking recovery for investors under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").
The class action lawsuit was filed on behalf of investors in the Direxion FAZ Fund who suffered investment losses. The FAZ Fund seeks investment results that correspond to three times the inverse (-300%) daily performance of the Russell 1000 Financial Services Index ("RFSI"), which measures the performance of the financial services sector of the U.S. equity market. The complaint alleges the Defendants violated the Securities Act by failing to disclose that the FAZ Fund is altogether defective as a directional investment play.
Caveat emptor: if you believed in this shit, you deserve to get burned by it.
FAZ FAZ FAZ, don't get any in the eye x_@ (anyone else remember how unbelievable March of 2009 was for this sort of ridiculousness?)
This guy is still so addicted to the stuff he can't part with it even though it's obviously the worst performing trash he's holding onto. Sad.
Since I had to go cold turkey on the LandAmerica bankruptcy, I'll be following the FAZ lawsuit. Just because there's nothing better to do at the moment except see if anyone can mop it up.