Market pro Stephen Weiss, author of The Billion Dollar Mistake , tells us to be careful of headfakes in this market. For a solid read on stocks he suggests this market tell.Transports provide the real picture, he says. In the past, transports have been early cycle stocks -- there’s no reason to believe anything is different now.And transports have been performing very well. In fact, the Transport ETF is poised to break through its August highs.
Looking at individual names in the ETF, Weiss is particularly impressed with the action in rails, FedEx and CH Robinson, a freight transportation logistics firm.He also points to bullish action in rail car loadings as a bullish sign. Weekly carloads in August were at the highest level since November 2008. While car loadings are not yet close to the record high levels the trend is certainly positive.
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