Direxion Energy Bull 2X Shares (NYSE:ERX) gapped down 10.42% to start the trading day on Wednesday. The ETF was erasing some of its losses in the afternoon, trading about 8% lower.
The energy sector had been enjoying a long bull cycle that began Dec. 31, 2021 and gained steam in February following Russia’s invasion of Ukraine and the oil embargoes that followed. The cycle ended on June 8 when Exxon topped out at the $105.57 mark, causing ERX begin to plummet from its 52-week high of $80.27.
