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They are based on russell smapcap index (RUT). TNA is 3 times bull; TZA is 3 times bear.  Be careful about 3 times bear of any index, because they are more short term than 3 times bull.  

Similar ones from Direxion: LABU and LABD for biotech, JNUG and JDST for gold miners, gold; NUGT and DUST for junior gold miners.

Anyway, these are for swing trades--lasting from a couple of days to a month or even months. You need to know the general market trends, each segments, etc.

An appreciation in a particular company stock is a combination of these three: 35% the overall market direction (bull or bear); 30 % the segment direction (industrials, tech, consumer, finance, etc); 30% that particular company.  During a bull run, even shitty companies can make you tons of money.

 

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