Not so fast! China's volatility offers an immense opportunity to profit right now.

I bought some shares of Direxion's YANG inverse China ETF early last week at $85/share and was very pleased with myself when I sold them for $91.32 a week later. That's 7.4% in one week, which is about 400%/year. I wish I could do 10% that good on a regular basis.

But WOW! Friday YANG closed at $118.27. If I had hung on and sold at the peak, that investment would have netted me 39% or well over 1000%/year.

Direxion's leveraged ETFs may be a definition of dangerous, but China's problems probably aren't over, so I'm thinking of jumping back in Monday morning.