Daily Fantasy Trading has arrived on Wall Street.
Today I am trading The New England Patriots. The team has been red 3 days in a row and down 50 percent so I assume a press conference will be called denying allegations of blowing up balls.
Here is the chart:
I know…this is not a chart of The New England Patriots post ‘deflategate’. This is $DWTI. It is marketed as 3x inverse the price of oil. In english that should mean if oil is up 3 percent, this security (ticker) would be down 9 percent. Obviously there are fees. The fees though are ridiculous. Today oil is down approximately 7 percent and $DWTI is up 17 percent. That’s just 4 percent slippage… TODAY.
This beauty was created by Velocity Shares a perfect name for a financial products company. I imagine their internal tagline is ‘markets are fast, our shares move faster’. I have watched the ticker for the last month and the moves are staggering as you can see above.
I am not sure when securities switched to becoming more ‘aerodynamic’ and less functional, but we seem to be breaking ‘speed’ world records everyday and sacrificing utility. That sounds like the tactics of casino operators.
It’s a horrible trend.
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