Our long position in iShares U.S. Medical Devices ETF ($IHI) is back in trend mode after a six-day consolidation above the 10-day moving average. Yesterday's gap to new swing highs could lead to a another 2-3 points of upside.

The trade should be in good shape in the short-term. as long as the price action holds above the "dirty" uptrend line. We call it a dirty uptrend line because there are a few candles that the line crosses through, but we have always taken the approach that technical analysis is part art and part science. With trendlines, we go with what makes sense:



As for our other ETF swing trade holdings, $TAN continues consolidating near its highs and is presently showing an unrealized share price gain of 15% since our original entry price. $FDN just broke out to a new all-time high and is trading 6.8% above our entry price. $USO is similarly up more than 6% since entry.

With $SMH climbing back above the 50-day MA, it could see some nice follow through next week. We added $EWJ to the portfolio on a gap up above the 50-day MA. $FCG remains a live buy stop order going into today's session (regular subscribers should note our preset and exact buy trigger, stop, and target prices in the "watchlist" section of today's report.

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.