One interpretation of that “advice” would have been to buy the Direxion Daily Russia Bear 3x Shares (NYSEArca: RUSS), though it is fair to say any investor that listened to Carney would now be upset. RUSS has plunged 10.4% in the past five trading sessions as investors have finally started seeing value in Russian stocks, which are among the least expensive in the developing world.
Last week, it was reported that insiders at large Russian companies and key holdings in Russia ETFs have been gobbling up shares. Those firms include OAO Lukoil, OAO Novatek and OAO Rosneft. [Oligarchs See Value in Russian Equities]
Listening to Carney’s Russia call and then doing the opposite has been a winning strategy over the past week. The Direxion Daily Russia Bull 3x Shares (NYSEArca: RUSL) is higher by nearly 13% since March 20 and the ETF is one of the leaders among Direxion’s bullish leveraged funds in terms of creation activity over the past 30 days, according to issuer data.
Direxion Daily Russia Bull 3x Shares