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Since the morning gap up to new swing highs and follow through in the first two hours of trading on Wednesday, the S&P 500 and Nadsaq Composite have basically chopped around in a tight range, forming a bull flag type pattern on the hourly chart (about 12 bars sideways). Although the market has broken out to new swing highs, our ETF scans have not produced many high quality breakout candidates. First Trust Dow Jones Internet Index ($FDN) is a potential breakout candidate we have been monitoring for several weeks now. The monthly chart below shows the heavy volume breakout to new highs.

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