Replies to post #13420 on Direxion Daily Gold Miners Bull 2X (NUGT)

[Lone Wolf]

Noticed the firming / improving. Here's hoping for green tomorrow...and when your funds clear! ;-)

[fitzwell11]

I think you will have time. When we finally catch bottom this will have a multi day run like in November 2014. This isn't just a short term bottom. What we are seeing is the culmination of a 5 year downtrend for Gold Miners. This is very likely the long term bottom as well

[doglover1]

You were right - and I owe you an apology. Direxion funds ARE under investigation, as you mentioned in a post. There are also SEVERAL class action lawsuits against them at the present time, but you can only hope to collect if your broker referred them to you. If you picked them on your own, tough luck.

I not only own NUGT, but also Direxion's TZA, a 3X Short Russell 2000, and these two investments are probably 50% of my total investments.

TZA and NUGT were this week investments, so near breakeven is probably worst case for me. I bought NUGT Monday and Wednesday and am only down 7 cents a share right now and I'll be getting out of it, probably Thursday or Friday. I might try to scratch a small profit out of it to cover commissions, If not, I'm out of here. I'll stick to the miners.

I also learned that ALL 3X funds eventually go to zero because of the daily readjustments and recalculations. 2Z's as well, but it takes them longer. I strongly recommend that everybody on this board check this out. Google it. If you look at a 5 year chart of NUGT it starts flatlining half way across. It's the same story with all the 2X & 3X EFT's.

ANYWAY, thanks for wising me up. I'm never too proud to admit when I'm wrong.

By the way, NUGT is the WORST performing 3X fund, and that is for all segments, not just PM's. Down over 90% for the year. Didn't do proper DD before I bought this one.

GOOD LUCK TO YOU.