FAS: The First ETF to Double in 7.5 Hours

As was noted in a previous article, Direxion is making a splash on the ETF landscape.  Their 3x ETF products track indexes at three-times the returns (and losses) of a regular ETF.  It seems they’re already making waves.

The recently introduced Direxion Financial Bull 3x ETF (FAS) wasted no time in setting a new record that will likely stand for a while.  The price of FAS traveled more than 100% in less than 8 market hours.  At 2:43pm on Friday, 11/21/08, the nitro-loaded ETF hit a low of $11.72.  Today, Monday 11/24/08, at 3:43pm it hit an intra-day high of $23.95.  A cool +104% gain in 7.5 hours on the market clock.

The daily performance for the ETF (that began trading only 12 market days ago) was “only” +31.2% today due a minor (-12.3%) pullback in late trading.  The chart shows the minute-by-minute action for FAS over the past two days.