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(DOG) Proshares Short Dow30 - relative merits as hedge?

ProShares Short Dow30 (AMEX:DOG)  
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AMEX:DOG   ProShares Short Dow30
Beyond Technical Analysis
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beyondta
How, when and if/why would (DOG) Proshares Short Dow30 make an effective hedge against retrenchment? Even Bulldogs experience downtime.
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