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In the ETF portfolio, we tightened up stops on a few positions to reduce risk. We raised the stop in $XHB to protect gains, while the $RWO stop was moved to just below the two-day low to guard against a false breakout. $KOL continues to slide lower and it looks like the 50-day MA is our last line of defense.We are not looking to add more long setups to the official watchlist, so today’s report we will cover a few ETFs that are consolidating near the highs and need a few more weeks of basing action to provide us with reliable entries.The iShares FTSE/Xinhua China 25 Index ($FXI) is consolidating in a tight range near the highs of the last wave up, but it’s a bit too early in the base to begin buying, as we would like to see the price action establish one or two higher lows within the base.

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