SOXL: More New Highs In 2024

Josh Arnold
24.86K Followers

Summary

  • The bull market of 2023/2024 continues to defy expectations.
  • The Direxion Daily Semiconductor Bull 3X Shares ETF has seen impressive returns, up 70%+ in three months.
  • The outlook for SOXL remains bullish, with strong earnings growth rates and a positive technical picture.

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The bull market of late-2023/early-2024 continues to confound bears, who believe lack of breadth, interest rates, the economic situation, or any number of other factors will drive an imminent decline in stock prices. That just hasn’t happened, and while I’ve been bullish US equities, I’ll

This article was written by

24.86K Followers
Josh Arnold has been covering financial markets for a decade, utilizing a combination of technical and fundamental analysis to identify potential winners early on in their growth cycles. Josh's focus is mainly on growth stocks. His goal is efficient and profitable use of capital, which overly rigid buy-and-hold strategies do not allow. Josh is the leader of the investing group Timely Trader where he focuses on limiting risk and maximizing potential reward. Features of Timely Trader include: real-time alerts, a model portfolio, technical charts, sentiment indicators, and sector analysis to find the best trading opportunities. Learn more.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SOXL over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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