In my All Star Fund Trader publication, I focus on ETFs and tradable mutual funds.  Tradable mutual funds are typical those from fund families that have no restrictions on trading frequency, namely Direxion, ProFunds, and Rydex.

I also have a long history of using Fidelity funds, especially their Select sector and industry funds.  These funds were originally targeted at active traders and even had hourly pricing.  In recent years Fidelity has taken many steps to deter short-term trading in their entire fund family.  Since many of my subscribers are still fans of Fidelity funds, I continue to track them too.  Here then is a compilation of the latest news from these fund families:

Direxion Funds

As of the close on September 30, 2009, all Direxion leveraged mutual funds changed their objective from daily to monthly tracking.  Leverage was also reduced from 2.5x to 2x for many of the funds.  Additional information on monthly leveraged mutual funds can be found on the Direxion website and in our previously published article.  Information on the Direxion Alternative Strategy funds can be found in our April Direxion Funds update.

Fidelity Funds

Fidelity Select Paper and Forest Products (former ticker = FSPFX) and Fidelity Networking and Infrastructure (former ticker = FNINX) stopped trading on June 19, 2009.  The Fidelity website no longer contains any information on either fund.  Both funds were closed to new accounts back in March.

As of August 31, 2009, Fidelity Small Cap Retirement Fund (FSCRX) was renamed Fidelity Small Cap Discovery.  The name change will not affect how the portfolio is managed.  The portfolio's investment strategy and benchmark are not changing.