“However, the September 39 put buying with the product now trading with a $39 handle and at multi-year lows should be noted, as well as the very heavy trading volume in the product that has prevailed now for the entire month of July. In a well-timed note from ETF issuer Direxion this morning that caught our attention,” said Street One Financial Vice President Paul Weisbruch in a note out Thursday.
DRIP has a bullish counterpart, the S&P Oil & Gas Exploration & Production Bull Shares (NYSEArca: GUSH), and, well, things have been pretty rough that ETF. GUSH, which debuted on the same day as DRIP, has plunged nearly 50% since coming to market.
For the five-day period ending, DRIP’s volume was 86.2% above its 20-day average while GUSH’s was almost 128% above its 20-day average, according to Direxion data.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares
