Wednesday, February 21, 2007

FDX And The Rails



Yesterday I bought FDX looking for this stock to breakout with the transports. Today the market opened lower while FDX was only down fractionally and then rallied staying positive all day. FDX is beginning to take out the highs from a few months ago. If you look at yesterday's post, you can see a long term chart of FDX and the chart formation I'm looking at. My trailing stop for FDX is now at break even.

In the Lower panel on the above chart is the Railroad Index. Notice how the index pulled back to support today and proceeded to trade higher all day even in the face of higher oil. I'm watching these stocks as well for possible breakouts.

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