Tuesday, May 31, 2011

Interesting Volume Spike in SOXS (3x Bear Semiconductor ETF) 8:55AM CST 5/31

Interesting note:

SOXS, a 3x leveraged bearish semiconductor ETF, has done just under 100k contracts in volume already today (much of it at the lows near 54.50.

The daily average is 130k contracts a day. We are on pace to go way above that.

Is this the smart money making a bet that equities are poised to finally hold here and start to make a leg lower?

(UPDATE: 930AM CST - SNP500 is 50% from it's highs at 1337 and SOXS has now done 112k contracts 1 hour into the trading session we are 18k from daily volume avg.)

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