Transports Make A 7 month High
Last month I pointed out that there was a Dow Theory buy signal based on the transportation index showing bullish divergence compared to the Dow Jones Industrials. I also pointed out the head and shoulders bottom that was created in the transportation index.
Above is a daily chart of the transportation index (TRAN). The most likely upside target for this index would be the high from last summer. That's where I think we are headed.
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5 comments:
What do you use to play transports?
The IYT ETF trades over a million shares a day and tracks the transports.
http://finance.yahoo.com/q?s=iyt
Thanks.
Any thoughts about a target for DRYS? Thanks!
Would DRYS be a good way to play the transports? Any ideas for an upside target?
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