The technology sector, the largest sector weight in the S&P 500, has been getting taken to task in recent weeks. For example, the tech-heavy Nasdaq-100 Index is lower by 4.1 percent over the past month while the largest dedicated technology exchange traded fund (ETF) is also lower by 4.1 percent over the same period.
Like any leveraged ETF, TECS is best deployed as a short-term trade, not a long-term investment, but the bearish technology ETF does highlight the recent headwinds encountered by the sector with a gain of almost 11 percent over the past month.
What TECS Does
TECS is designed to deliver triple the daily inverse returns of the Technology Select Sector Index.
Interest Is Building
Volume has recently been light in TECS, but for the five-day period ended July 5th, volume in the bullish TECL was more than 13 percent above the trailing 20-day average, according to Direxion data.
That does not mean traders are dismissing the bearish TECS. In fact, data suggests otherwise. Indicating that some traders are getting it right with tech, TECS has averaged daily inflows of more than $113,000 over the past 30 days, according to issuer data.
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