This is a significant chart because transportation stocks are the “heartbeat of the economy” and this is paintinga bullish picture. The grey area is the bullish percent stocks in the index and it continues to rise which confirms the move in the index. As my market timing system continues to remain bullish it would make sense to me that this index breaks out. Another major positive is the Bollinger bands continue to move higher and RSI is in the bullish sweet spot.
I remained in cash for most of the day but picked upt HOC CCK BRO near the close as they hit my intraday pullback targets. I’d be lying if I wasn’t the slightest bit worried about Amazon’s earnings dragging on the indexes tomorrow, but after a standstill day on the markets it’s anybody’s guess at this point which way we go.
