Direxion Daily Financial Bear ETF Soaring (FAZ)

Shares of the Direxion Daily Financial Bear 3x ETF (NYSE: FAZ) are soaring today as the Dow Jones Industrial Average has fallen 487 points to 10,383. The ETF has gained 15.61% to $14.74. The Direxion Daily Financial Bull 3X ETF (NYSE: FAS) is down 15.69% to $27.16 as financial shares have been crushed today.

It appears fairly obvious that some type of structural breakdown occurred in the U.S. equity markets this afternoon, as the Dow fell over 600 points in a matter of a couple of minutes earlier today. There is rampant speculation that a fat finger error or bad prints in a number of stocks caused momentum to the downside to cascade and intensify.