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The Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares (NYSE:GUSH) popped up about 2.5% at one point Tuesday after Saudi Arabia and Russia announced a decision to extend crude oil production cuts until December.
The news caused stocks in the oil sector to extend their rallies, with the price of WTI-graded crude oil prices rising to $87 a barrel.
GUSH is a double-leveraged fund designed to outperform the movement of companies held in the S&P Oil & Gas Exploration & Production Select Industry Index.
A few of the most popular companies held in the ETF are Exxon Mobil Corp (NYSE:XOM), which is weighted at 0.84% within the ETF; Occidental Petroleum Corporation (NYSE OXY), weighted at 0.86%; and Marathon Oil Corporation (NYSE:MRO), weighted at 0.91%.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments.
For traders looking to play the oil and gas sector bearishly, Direxion offers the Direxion Daily S&P Oil & Gas Exp & Prod Bear 2X Shares (NYSE:DRIP).
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The DRIP Chart: GUSH broke up from a bull flag on Friday, indicating a long-term reversal to the upside could be on the horizon. The measured move of the bull flag is about 35%, suggesting the ETF could climb toward the $50 mark if a new uptrend is confirmed over the next few trading days.
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