Deja vu. The broad market is again fretting about both Freddie Mac (FRE) and Fannie Mae (FNM). Both issues have seen a sharp pre market spike in  negative momentum, driving FNM down from 4.18 to a recent low of 3.86. FRE is down from 3.07 to a new session low of 2.86. The likely result is already playing out, a weak session for the broader sector.

Rather than playing individual names which can be subject to additional volatility based on speculation or company specific news, etc., consider a financial ETF. 

If you're playing the long side, take a look at the Ultra Financial ProShares (UYG). Ultra Financials ProShares seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Financials Index. So, if you're bullish on the sector, there's no better play than getting 2x the exposure for each dollar invested. 

With the ETF a stone's throw from all time lows, now may be the time to start dipping your toes in the banking waters.

Ahead of the opening bell, shares of UYG are trading well off their close from yesterday, down 3.5% to 18.95 in active pre market trading.