Why I lost long the SSO if the S&P rallied?

C

crgarcia

Went long the SSO Sep 9, 2008 just before the close at $56.94
The S&P index was about 1227

Just sold today, also just before the close at $56.60 the S&P was about 1242.

The S&P rallied 15 points, about 1.22%, yet the SSO lost 0.59% :confused:

Its said the SSO follows twice the DAILY move, but is the difference that big?
 
"The investment seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the S&P 500 index. The fund normally invests 80% of assets in financial instruments with economic characteristics that should be twice the return of the index. It may employ leveraged investment techniques in seeking its investment objective. The fund is nondiversified."
 
Quote from crgarcia:



Just sold today, also just before the close at $56.60 the S&P was about 1242.
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About 1242? When time did you buy and what time did you sell?

Because the last time SSO was at 56.60 was 3:22 EST right before the big move up. At that time SPX was 1233.

SPX hit 1242 8 minutes before the close, 8 minutes before the close SSO was at 57.50.
 
the ultra products also fluctuate around the true value from what i've seen. Not by a great amount but but a nickle or a dime at most.
 
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