Speaking of gold, this isn't for the faint-hearted, but it's quite an interesting trading vehicle:
Direxion Daily Gold Miners Bear 3x ETF
- Nearest Resistance: $2.25
- Nearest Support: $1
- Catalyst: Spot Gold Correction
Leading off the list of most actively traded stocks this afternoon is the Direxion Daily Gold Miners Bear 3x ETF (DUST) . This popular exchange-traded fund provides leveraged inverse exposure to gold miners -- and as gold prices correct, this fund is rallying 13% this afternoon, making it one of the most heavily-traded issues on the NYSE.
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Long-term, however, the recent correction in gold looks like a blip on the radar. Both the primary downtrend and more recent parabolic downtrend in DUST are intact right now, and today's move higher looks more like a relief rally within a down-move than any sort of change in trend.
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As a leveraged ETF, DUST isn't the sort of fund you'd want to hold long-term. And that's been pretty evident from the price chart in 2016.