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Some Traders Were Prepared For Wednesday's Tech Slide
U.S. stocks tumbled Wednesday with the technology sector, the largest sector weight in the S&P 500, acting as the primary culprit. The tech-heavy Nasdaq-100 Index shed 4.40 percent while the Technology Select Sector Index dropped 4.85 percent.
Not all traders were frowning, however. Positioning in some leveraged inverse technology exchange traded funds (ETFs) indicates some traders were prepared for Wednesday’s technology tumble.
Among inverse leveraged technology ETFs, the Direxion Daily Technology Bear 3X Shares (NYSE: TECS) is one of traders’ favorites. TECS looks to deliver triple the daily inverse returns of the Technology Select Sector Index.
That index includes exposure to …
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