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Direxion Daily Retail Bull 3X Shares (NYSE:RETL) was surging about 10% on Monday, partly driven by massive bullish momentum in GameStop Corporation (NYSE:GME) stock –the latter which was skyrocketing about 65% after Keith Gill resurfaced on social media.
Traders and investors may be choosing to take a position in RETL, which holds a 1.2% weighting of GameStop, as well as multiple other retail stocks, to take advantage of GameStop’s upward trajectory but with diversification.
RETL is a triple-leveraged fund that is designed to outperform the S&P Retail Select Industry Index 300%. The ETF tracks many stocks popular with retail traders, with Amazon.com, Inc (NASDAQ:AMZN), Target Corp (NYSE:TGT) and Walmart, Inc (NYSE:WMT) making up 3.07% of its holdings.
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It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
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The RETL Chart: RETL gapped up above the 50-day simple moving average on Monday before topping out at $10.42, where the ETF began to pull back slightly. RETL’s surge also caused the eight-day exponential moving average (EMA) to move higher above the 21-day EMA, which is bullish.