Trading volume swelled in Direxion Daily Financial Bull 3X Shares (NYSEArca: FAS) on Tuesday amidst a huge swing in the equity markets going into the closing bell.
FAS actually traded as low as $8.43 a share and ultimately closed above $10. That’s approximately a 20% intraday move from the low level of the day in this ETF.
Investors seemed to pile into financial stocks such as Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS) late in the day yesterday, as we noted a pickup in Financial Select Sector SPDR (NYSEArca: XLF) trading volume as well as FAS as mentioned above, with over 100 million shares of FAS changing hands versus its average daily trading volume of 64.85 million shares.
FAS can be effectively used for short term trading strategies for levered exposure to the financials sector. [Financial ETFs Rattled]