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Direxion Daily Semiconductor Bear 3X Shares (NYSE:SOXS) was surging almost 13% at one point on Wednesday following a bearish reaction to Advanced Micro Devices (NASDAQ:AMD) quarterly earnings print.
A US sovereign credit downgrade issued by Fitch Ratings was also pulling the general market considerably lower.
SOXS's move higher came after the ETF printed a bullish double bottom pattern on Monday and Tuesday, which suggested a bullish break higher was on the horizon for the bearish fund.
The semiconductor sector had been experiencing a bull cycle, with NVIDIA Corporation (NASDAQ:NVDA) flying in blue skies amid reports the company will become an anchor investor in Softbank Group Corp-backed British chip designer Arm IPO. The news had helped to pull Advanced Micro Devices higher.
SOXS is a triple-leveraged fund that tracks a variety of stocks in the semiconductor sector. AMD makes up 7.23% of the fund, while Nvidia is weighted at 8.4%.
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Traders who are bullish on the semiconductor sector can track the Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL)
It should be noted that Direxion's leveraged funds are designed for short-term traders and shouldn't be held for a long period of time.
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The SOXS Chart: When SOXS surged higher on Wednesday, the ETF rejected from the upper descending trend line of a falling wedge pattern. Although SOXS may continue to consolidate under the area for a period of time, the pattern leans bullish for an eventual break higher.
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