Transports are picking up steam. Their outperformance should 'come to the rescue' of any weakness elsewhere in the market this month, technician says.
div > div.group > p:first-child"> The IYT transportation ETF has rallied more than 4% in the past week, outpacing the 2% increase on the S&P 500.
"We've seen some rotation back into this group in the last week," Newton said on CNBC's"Trading Nation" on Wednesday."We've also broken the downtrend from last fall, so a lot of this is really encouraging in terms of helping the transports, the industrials really match what happened in the Dow last month."
Norfolk Southern and CSX hit record highs this week. Those two stocks and Kansas City Southern and Union Pacific have each rallied more than 20 percent in 2019. Boris Schlossberg, managing director of FX strategy at BK Asset Management, is bullish on the railroads, freight and airlines but sees one of those having the best breakout.
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