SOXL: Buying A Potential Bounce In Semiconductors

$Direxion Daily Semiconductor Bull 3x Shares ETF(SOXL.US)$
SOXL has been destroyed in just the past week, ceding a third of its value.
The long-term outlook for semis remains strong but faces headwinds near term.
SOXL is very oversold and looks ready to bounce.

The latest selling episode in the markets - which feels like about the 900th such episode this year - has crushed high-growth/high-valuation sectors once again. Perhaps no one sector better exemplifies both of those traits than semiconductors, and as I've said here before, it's one of the reasons I like to trade semiconductors. You get big, trendy moves in both directions, so trading opportunities abound.