Direxion Daily Financial Bull 3X Shares (FAS)

[Porgie Tirebiter]

Although there are no direct European securities in FAS, we could see a turn higher when Europe closes.

If you want to gamble, look at the SEP 13 call. If FAS does turn, it will trade with a .9 delta this afternoon, and probably less than a nickel bid-ask spread. It's a great way to leverage a couple hundred bucks for a quick trade. But it is a gamble. At least you have a 50/50 chance with it. And you can take a loss while preserving most of your capital. Better than the abysmal odds and low delta you get with OTM options.

If the turn is decisive, I may go there. If FAS doesn't turn, or just muddles around, I'm staying out.