ProShares Ultra Short Financials (SKF) — This Exchange-Traded Fund (ETF) seeks daily to achieve results that are twice the inverse of the daily performance of the Dow Jones U.S. Financial Index.

These shares have had a volatile past, and Tuesday rose more than $44 on news of dramatic losses in European banks and new lows for some of America’s biggest banking names.

Today, SKF could run higher again but be careful. This leveraged contra-ETF can bite and sting if you happen to be on the wrong side of the market, so enter positions on a rally and don’t chase it down.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.