“While the financials 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, which has recently broken out from a tight-ranged consolidation at the highs. Volume picked up on the breakout to new highs last week, which is a bullish sign,” wrote Deron Wagner of Morpheus Trading Group.
The new high that PBS hit Thursday is not just a new 52-week high, it is an all-time high and the fund now trades 17.2% above its 200-day moving average. Continued strength in the Internet sub-sector should ensure PBS continues making more all-time highs into year-end.
PowerShares Dynamic Media Portfolio
ETF Trends editorial team contributed to this article. Tom Lydon’s clients own shares of Facebook and Google.