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It's really amazing that this past week marked the single worst one of 2012.
With now nearly 25% of the year having passed, we can look back and say that a 0.5% drop is the largest we have had. Hard to believe, given where we had come from.
Reminds me of the comment a neighbor made when we bought our new long haired miniature dachshund home for the first time.
"I have poops that are bigger than that thing."
That's what I imagine 2011 saying to 2012.
You call that volatility? I'll show you volatility.
The two big stories of the week were undoubtedly the debacles surrounding the IPO of the BATS Exchange and plunge in Credit Suisse's leveraged VIX product, TVIX.
In the case of the TVIX Exchange Traded Note, there is nothing but misunderstanding regarding pricing and the risk. The details regarding the general misperceptions around TVIX is really well adressed by Kid Dynamite, who is part of the StockTwits family of bloggers, that includes The Reformed Broker and James Altucher.
Not a bad bunch, despite the fact that Phil Pearlman, one of the founders of Stock Twits hasn't added me as a blogger.