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When a market is in runaway mode and refuses to pull back, most investors think “I am not buying at this level, I’ll just wait for a pullback”. That pullback will eventually come, but sometimes after a multi-month advance. This is why we find it much easier to focus on leadership stocks rather than the major averages in a trending market. As long as there is rotation among leadership, with new breakouts emerging, the market will continue to push higher (averages must also avoid distribution).Since the false breakout action on Jan. 15, Global X InterBolsa FTSE Colombia20 ($GXG) has pulled back to and held support of the 20-day EMA, while setting a higher swing low.

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