Some traders are already warming to the idea of RUSS delivering more near-term upside. Over the past week, only two other Direxion leveraged ETFs have seen greater increases in volume relative to the 20-day average than RUSS and over the past month, RUSS has seen creation activity while over $20.2 million has been yanked from the Direxion Daily Russia Bull 3x Shares (NYSE: RUSL), according to Direxion data.
Of course, there are risks to long RUSS thesis. A snapback rally in BNO would likely mean the same for RSX, which would pressure RUSS. Not surprisingly, RUSS is also a highly volatile ETF. In fact, it has been the most volatile bearish ETF in Direxion’s stable over the past month. Among all leveraged Direxion ETFs, only RUSL has been more volatile over that period, according to issuer data.
“The risk, of course, is that oversold United States Oil Fund (NYSEArca: USO) and the Energy Select Sector SPDR (NYSEArca: XLE) will bounce. But, for now, it looks like too many trapped longs are still shell-shocked and have yet to fully capitulate,” according to Market Chess. [Leveraged Russia ETFs Gain Cash]
Direxion Daily Russia Bear 3x Shares
