Bookeeping: Initiating Ultrashort Xinghau China 25 (FXP)

Well I might be late to this game, but despite its crazy gyrations I am going to initiate a new position in Ultrashort Xinghau China 25 (FXP) - this is simply double the inverse of the iShares Xinhau China 25 (FXI). I considered this name a few days ago but instead went with Ultrashort MSCI Emerging Markets (EEV)

I am using this as a hedge, like my other ultrashorts. I don't have much cash as I took what I sold this morning and bought other ultrashorts but I bought $11.2K worth (1% position) with the last of my cash. The stocks in this index already were extremely oversold, but after a bounce this morning many are retreating... these are many of the large cap Chinese names you know (and love?) Full list here.

I have to say that intraday reversal is pretty scary, especially since 1430 was broken on the S&P 500. Looks like we are heading to S&P 1400-1410. Where this ends - anyone's guess, but the market continues to punish bounce buying, so I have to respect that. Still will get punished being predominantly long only, but not much to do here but hold on. Very concerning action as far as I am concerned, this type of reversals - considering we were already very oversold is not good.

Long Ultrashort Xinghau China 25, Ultrashort MSCI Emerging Markets in fund; long Ultrashort MSCI Emerging Markets in personal account