Direxion Energy Bear 2X Shares (NYSE:ERY) was trading flat on Friday after a four-day decline saw the ETF retrace 11% off the Sept. 26 high of $51.45.
The energy sector had been enjoying a long bull cycle, which began on 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 Mobil Corporation (NYSE:XOM) topped out at the $105.57 mark causing ERY to begin trading higher, although the road for the ETF has been rocky.
