Tuesday, February 20, 2007

Transports and FDX



I picked up a some FDX today. I bought it for a day trade but it seemed to show relative strength throughout the day so I kept it because of the longer term chart.

Notice in the above weekly chart how the Transportation index broke out last week while FDX hasn't broken out yet. I'm anticipating FDX to breakout as well. I have about a dollar profit in the trade so my stop will be below today's low which means I am risking a dollar. The breakout in FDX is above 120.

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