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A while back I wrote about an interesting ETF that enables traders to play the "water as natural resource" theme. Since that time, the PowerShares Water Resources ETF (NYSEARCA:PHO) has moved to new bull market highs. A component that has received particular buzz is Tetra Tech (NASDAQ:TTEK), an environmental engineering consulting firm involved in water quality but which is also expanding into other fields, such as alternative energy.

The stock was a recent Smart Money pick as one to own for the next 10 years; it was also recently mentioned in Barron's as a growth stock with potential for further appreciation. A good part of the company's appeal is its ability to help companies become more eco-friendly, although a substantial book of business is with governmental agencies.

In the chart below we can see that TTEK (blue line) broke out of a trading range on substantially above average adjusted relative dollar volume flows (pink line). Indeed, we've seen money flows above the 200 day average (red line) for 14 of the past 20 trading sessions. In this case it appears that investors are putting their money where their mouths are, keeping dollars as well as water flowing at TTEK.

TTEK

Source: Tetra Tech: The Water and the Money are Flowing