Amazon, PEZ’s ninth-largest holding with a weight of 3.5%, has joined the fun as well with a one-month gain of 3.5%.

By way of its index methodology, which focuses on price momentum and relative strength, PEZ has the flexibility to rotate out of a sector’s lagging industry groups and into the ones that are showing noticeable relative strength. [Index Changes Lift PowerShares ETFs]

Currently, that includes an 11.5% weight to industrials. Yes, PEZ, a discretionary ETF, allocates 11.5% of its weight to discretionary stocks. That is a good thing when almost 6% of the ETF is devoted to airline stocks at a time when those stocks are soaring.

PowerShares DWA Consumer Cyclicals Momentum Portfolio

Tom Lydon’s clients own shares of Amazon.