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On Friday we entered a long position in the iShares DJ US Telecom Sector ETF (IYZ) as it broke above the six day high, on its biggest uptick in volume in nearly two weeks. Normally, we would not have entered this trade on the Friday of a holiday weekend, but IYZ had recently undercut all of its moving averages and broke out on reasonably high volume. In combination, both of these factors provide evidence that the trade is much more likely to hold. Trade details are available to our subscribers in the open positions section of the newsletter. This trade was sent via intraday alert and was not on the watchlist.

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