Market News

January 9, 2017  Mon 11:35 AM CT

Short-term traders are looking for the bullish momentum to continue this week in the Direxion Daily Junior Gold Miners Index Bull 3X Fund.

Our tracking program shows that 10,000 Weekly 7 calls expiring this Friday were sold for $1.50 and $1.53 while 10,000 Weekly 9 calls in the same expiration were purchased for $0.50 and $0.53 today. Volume was below open interest in the lower contracts, indicating that the trader is taking some profits off the table and rolling a bullish position to a higher strike.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

JNUG is up 12.29 to $8.50 in afternoon trading and has rallied 56 percent off its recent low of $3.77 on Dec. 20. The fund is designed to reflect 300 percent of the performance of the MVIS Global Junior Gold Miners Index.

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