Ok, a possible scenario may be, the market goes up 2% and down 2% each week.
If the leverage (worst case) is 200% when the market goes down and 250% when it goes up, then BBOZ will gain 4% and then go down 5%. Clearly if this is sustained, the market will be flat, but the sp will gradually sink lower by about 1% a week.
From the original post, the last 3 months were volatile with an overall drop in the market index of over 9%. During this time BEAR sp went up, but BBOZ went down.
