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Direxion Daily Homebuilders & Supplies Bull 3X Shares (NYSE:NAIL) was spiking up almost 7% higher on Friday, in an attempt to reverse course from its most recent downtrend, which began on May 4.
NAIL is a triple leveraged fund that is designed to outperform 52 U.S. companies in the home construction sector that are trading on the Dow Jones. The index includes a variety of companies from home construction firms, interior furnishings to home improvement retailers, building material manufacturers and suppliers.
Some of the more familiar names in the ETF include Home Depot, Inc (NYSE:HD), weighted at 3.55%, Lowe’s Companies, Inc (NYSE:LOW), weighted at 3.29% and Builders FirstSource, Inc (NYSE:BLDR), which is weighted at 1.68% within the ETF.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to a long-term investment.
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The NAIL Chart: NAIL officially fell into a bear cycle at the end of February when the 50-day simple moving average (SMA) crossed below the 200-day SMA, which created a death cross to occur on the ETF’s chart. The ETF has been trading in a fairly consistent downtrend since reaching a new all-time high of $127.84 on Dec. 13, 2021, however, which was caused by a negative sentiment shift in the homebuilding and supply sector.