A huge sector move in the transports is leading the market today along with the Nasdaq. FDX, CSX, YRCW all are experiencing big action. A look at the chart IYT, the ishares transport etf, shows a few consolidation patterns with multiple breakouts. Resulting from this action has been a 81 to 92 move in two months! That's a 13.5% move. I think the near term move is about over right now with many stocks at the top of their bollingers and getting overbought. I'd look for a little consolidation and pullback before getting into these.
I'll be back later.
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Hi Clay,
On Monday night, we wrote an article about the transports and the impending explosion we saw coming in our breadth analysis, needless to say IYT certainly delivered, the article is here if you are interested -
http://blog.successfulonlinetrading.com/2007/02/12/stock-market-breadth-report-for-february-12-2007.aspx#
Fortunate Investing to All,
Al at http://www.successfulonlinetrading.com/
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