FWIW, put in a sell at market onXIV. it opened, halted again, then I put a market order in while it was halted. After a long while, it filled at $6.70. Unbelievable loss. Never did show it was open, only halted but filled anyway. I still say there is something wrong with whole after hrs. drop and then de-list thing. Oh well.  who . knows where it goes from here. It has till the 21st before it stops trading. Good luck getting out.

Just heard the same thing from Scottrade. In about 15 Min. XIV will start trading. Any Ideas how to play this one? sell right away, or wait? I understand it gets de-listed on the 21st of this month.

I hope you guys never suggest an instrument that has the potential to wipe out an entire position, and continue to recommend buying it in a system. I am too old to loose that kind of $$$. when you said more drawdown, I did not expect THAT kind of drawdown. I'm sick.

Hi Steve, are you saying there is a good chance that all of us in the XIV/VXX system could essentially open at next to zero on our account values? A close of $99 yesterday, and a complete wipeout of our money invested in that trade? That would be close to $90,000 in my case. WOW, I hope not. Would there be any way out? any way to recover? hold over time and wait? Anything you can think of?

with all due respect, Steve says stay away from crap like XIV most don't know how to trade it. Matt, you did not tell us to exit, but keep buying the SPY system. You two may want to get together and on the same page. The volatility of XIV wasn't stressed enough to me. I'm new here, but Lord, Matt you kept adding buy triggers for the System, all the way to the end. My loss may be my fault, but if you are going to offer a system, I heard or saw no indication of worry in a SPY system text or email? forgive me, but if you thought we should have got out of the spy system, you should have said so. Gave us the option according what you see, not what your system design says to do. I lost a TON of money today on YOUR continued buy recommendations. I had no Idea a drop of 85% in after hours was even possible.  again, forgive me, but I believe you should have let us know just how volatile this instrument was, instead of blindly posting the system signals. Please take that into consideration, I mean no dis-respect. but $99 at the close to near zero in after hours? that has hurt more than just me here. Please keep us up to date. I am down more than I had imagined was possible. I could handle the close, but after hours?? Forgive me, I'm frustrated

Answer: I say stay away from any instrument that you don't fully understand (especially the inherent risks of the instrument).   The implosion in XIV after hours was certainly a shock to many but the risks of this instrument were clearly outlined for anyone that considered trading this volatile ETN.  This collapse is serving to put pressure on the entire market.  Honestly, I have a hard time understanding why the SEC even allows such instruments to be listed - maybe today will force change. 

The Funds prospectus clearly states the following:

"The ETNs, and in particular the 2x Long ETNs, are intended to be trading tools for sophisticated investors to manage daily trading risks...The ETNs are riskier than securities that have intermediate or long-term investment objectives, and may not be suitable for investors who plan to hold them for longer than one day."

It seems a lot here are in XIV since it is an option in the . SPY system.  Personally, a trading instrument that can drop that much in after hours probably shouldn't be part of the system. Although I guess any stock can do that, I have never heard of such a thing. What are the odds of it reversing back over time? A near total loss at this point. WOW! talk about a new member first trade gone bad!! Seriously, I think a lot of us would like to know the odds of getting out of this with our shirts. No doubt you will address this  in tonights letter right Matt?

I'm more worried about what tomorrow will bring?

don't think I have seen anything like this

now is when I would add to XIV if I had any $$$ left. The bull is not over. Might have to wait some, but if the 50 holds, it would have been a good call. lets see.

Panic selling again. Another 650 to 700 point drop?

Thank you soldado. I did read the FAQ, and I must have missed the SSO part. I now see where it explains this second entry. You have been of great help. 

Jim

I am brand new here. I have a question,  Please anyone answer: I thought the SPY PRO SYSTEM can be used long or short, buy buying or selling SPY, or XIV long every time the system triggers long, or VXX every time the system triggers short. I'm using the XIV/VXX instead of just buying SPY. On 1/30, a buy trigger was posted for a 60% entry of SPY at $281.63. I bought a 60% position of XIV on the close. Friday, a buy trigger was posted of 40% long SSO at $116.06. Is this another system? I could not get an answer, so I bought some SSO, and also a second entry in XIV in after hours at $113. I'm confused. again, is SSO a different system than the SPY system, and I should not have made another entry, or should I have made that second 40% entry in SSO as posted to the site, and not another XIV entry. I just entered both, because I was confused on which one to buy. Any help would be greatly appreciated. Thank you,

Jim

why does SSO show a close around $116, but the posted 40% entry on the system page says it's around $275. What do I not see?

has the SPY system triggered another long entry?