One of the best holdings currently in our ETF swing trade portfolio is Guggenheim Solar ETF ($TAN), which we remain long with multiple entry points.

The first buy entry into $TAN was on July 2 (at $24.20). Those shares are currently showing an unrealized price gain of 27% since entry (see this July 21 blog post for further details about our original entry into this Solar ETF).

The second buy entry into $TAN was on September 6 (at $30.26). We are presently up 2% on the additional shares because we added to the position on a move to new highs.

As you can see on the daily chart below, $TAN is currently chopping around in $29 - $31 area, while holding above near-term support of its rising 20-day exponential moving average:



If we connect the swing highs on the chart above, we also see that $TAN is holding above support of its trendline at the highs. If $TAN continues to hold this trendline, we should eventually see another wave up that could potentially take the price to the $40 area:



Yesterday, our buy setup in PowerShares Water Resources ($PHO) triggered for buy entry, after recently recovering from a short-term pullback off the recent high.

As shown on the long-term monthly chart below, $PHO is now poised to close the month at a fresh all-time high:



With $PHO, we look for the price action to follow through to the upside over the next few weeks.

If this ETF manages to finish the month at or above its current level, it will produce a breakout to new all-time highs on the monthly chart (clearing a prior high from 2007). As always, we will keep Wagner Daily subscribers updated on our target and updated stop prices in the "Open Positions" section of each day's report.

Overall, the stock market remains in pullback mode, after a strong surge off the lows. As long as the broad market avoids heavy distribution and leadership stocks continues holding key support levels, we expect the current correction to be short-lived.

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.