Morpheus Trading: We continue to see strength in top ETFs and stocks, with solid participation among many sectors. While the financials and homebuilders have slowed down a bit, there is certainly enough leadership left to push the market higher for a few months.
One such ETF showing strength is PowerShares Dynamic Media ($PBS), which has recently broken out from a tight-ranged consolidation at the highs.
Volume also picked up on the breakout to new highs last week, which is a bullish sign. Note this ETF is NOT a buy candidate for us right now, but we are simply pointing out strength in the market.
Today, we also return to the chart of iShares MSCI Japan ($EWJ) because we are placing $EWJ on our “Watchlist” as an official buy setup. Take a look: