(Correction, make cost basis 12.10 at 12.25k dollars--down now 4.5 k dollars)Just talked it over with broker and going over the situation i just be glad it is at 12.10c/b anf not like 17--and just let it ride, and IF it doesn't go to zero, and that at somepoint it will hit like 20 again(maybe 2 years, or never)
The reality is don't ADD as the situation is unstable---when in a situation like this, where it isn't even a company, do NOT! keep throwing money as it--those that can't stand a loss of 6k sometimes end up losing 50k.
i am jut going to litraly forget about it---even if got back 12.10 i might just hold. So for me this trade remains on the books, but i am done with it---walking away.
But i do know what happened now--and it ALL Credit Suisse fault of letting the NAV premium get to high.
my guilt is i should have checked its NAV.
It stabilizing here because it NAV fair value at close yesterday was 7.83.(It low tody was 7.98, now is 8.34.
It was in continuous fall once some big money realized its NAV was at a 50% premium.
That i didn't check that was a heedless oversight.
Warning to all:with ETFs and ETNs find out what it's NAV is BEFORE deciding to buy!
i at least can feel good i ranted on this thread it was suicide to buy UNG when it was at 170(split corrected) down from 500--it is now 17. because in that case i had studied it was caught death spiral contango.
One thing we can be sure Credit Suisse is making money on TVIX.
Just fund that runs UNG are making money.
i hate to think how many were wiped by UNG, not knowing it was in a deadly contango . Max
Class Action Suits--seeing there surely were it to tune of like 1million on Margin---they would seek a class-action, as it was CS complete blame--and knowing how rotten corrupt CS is, they were probably short thru a third party that can't be traced back to them. Max
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