FAS/FAZ Swings
Keep a close eye on how the JPM’s $5 Billion Capital raise will effect these triple leveraged players. It seems that the Direxion Daily Financial Bull 3X Shares (NYSE: FAS) and Direxion Daily Financial Bear 3X Shares (NYSE: FAZ) will have to deal with the swings of one more large offering as JPMorgan looks to be the largest component of these two Triple-Leverage ETF’s.
As Jon OGG of 24/7 Wallst points out “Day traders and ETF investors need to pay attention here. If JPMorgan’s common stock swings too far in either direction, be sure to look for how this can exaggerate a move in the FAS/FAZ triple-leverage ETF’s. JPMorgan looks to be a significantly higher portion of the base index the ETF follows, which is the Russell 1000 Financial Services Index”
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Strong Uptrend
Direxion Daily Financial Bull 3X Shares (NYSE:FAS)
Smart Scan Chart Analysis confirms that a strong uptrend is in place
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