Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:NUGT) shot up over 6% higher after the market opened, but the move higher was hampered by the general market, which saw the S&P 500 falling about 0.7%.
The gold miners sector recently enjoyed a long bull-cycle, which lasted from Jan. 28 to April 18 of this year and caused NUGT to soar 102% higher during that timeframe. Since late April, NUGT has erased all of its gains, however, plunging 63% from its 52-week high of $82.86.
