I don’t know what it is about late June/early July up here but we had a real fire about a half mile from my house. I was on my way back from town on an errand that was in itself wacky, I smelled smoke, slowed down, saw a lot of fire that appeared to be two acres in size so I hauled the last little bit to my house.
Joellyn was already getting ready, I got my fire gear and had a crew pick me up down just below the fire. I was initial attack and the first incident commander. I titled the fire the Snap fire because we anchored on Midnight Snap Road. I called for Forest Service support and air support and made a couple of other decisions that turned out to matter before ceding command to the Forest Service who changed the name (damn!) to the Midnight Fire.
After ceding command I then tied in up top with a bunch of different agencies to mop up. I was there from about 3:30pm until about 8:30pm. I may have more pictures coming from a neighbor.
On a personal note, I can’t believe Joellyn and I do this. Despite the intensity, it is very rewarding and fun.
Onto some ETF stuff.
Index Universe reports that ProShares has filed for inverse bond ETFs and inverse foreign ETFs. This has been a theme here of late that there will be more products to allow for some sophisticated risk reduction strategies or maybe just hog wild speculation.
The filing includes short and double short EAFE, Emerging Markets, Japan and China. For the bond ETFs they are short and double short 7-10 year, 20 year plus, liquid investment grade and high yield.
Assuming the fixed income funds are like the equity funds, you could get a T-bill rate and own an appreciating product if rates go up. That could be very important over the next five years.
Also included in this filing is double long, short and double short biotech and telecom.
Other ETF news is that Claymore almost granted my wish of a product of global exchanges with a fund whose name is too long but the ticker is EXB. It is 1/3 exchanges, 1/3 asset managers and 1/3 investment banks per what I was told in a phone call about the fund. It is 66% US. The largest exchange weighting is NYSE Euronext at 4.57% but there are four other stocks with greater weightings. The foreign exchanges each have very small weights and may not be able to move the needle.