Yesterday I said FAS at this point -- $4 -- was just a de facto call option on the financials. And you know what? Upon further review that doesn't make any sense - nor would it with FAS at $6 - or at $60 for that matter. Two facts about leveraged pups: One they share some qualities of a simple call option; two the absolute price you pay on a given day makes no difference. A leveraged ETF as we know all too well simply tracks some multiple of the 1-day percentage move in the underlying index. The price on the leveraged ...