Transportation stocks have lagged the broader market, and one technical expert says the action could set the market up for the rest of the year.
div > div.group > p:first-child"> The economically sensitive group of stocks just posted eight straight days of losses, its longest losing streak since 2011, and one technical expert says one of its subsectors could make or break the recent market rally.
"If they roll back over, like they did just before the correction of early last year in 2018 and the one that started in late 2015, it could be a good leading indicator of some problems," he warned on CNBC's "Trading Nation.""So, right now, ... it's at a very important, critical technical stage." "Right now, ... we are seeing weakness in the airline stocks — they're down 18 percent from their 2018 highs — and the truckers are down 13 percent. However, the railroad stocks? The S&P Railroad Index is testing its all-time highs," he said Tuesday."If this group can break out in a meaningful way, it should help the transportation index turn back around and move higher, which would be good for the broad market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This group of stocks is among the first to roar back to all-time highsSoftware stocks are among the first to fully make back the December losses, beating the market and the rest of the technology sector.
Read more »
Elon Musk's first Boring Company tunnel has its best chance of coming to Las Vegas firstThe Las Vegas Convention and Visitors Authority recommends using The Boring Company's tunnel design for its remodeled facility.
Read more »
Review | ‘Giant Little Ones’ is a coming-out movie with one problem: No one actually comes outReview: 'Giant Little Ones' is a coming-out movie with one problem. No one actually comes out.
Read more »
When markets turn choppy, these stocks will be the first ones hedge funds bail onJefferies' equity strategist Steven DeSanctis warned investors of the darling stocks the most active funds own.
Read more »
Bear market for stocks already underway, recession coming, says Crescat CapitalOur call of the day, from Octavio ‘Tavi’ Costa, Crescat Capital global macro analyst, sees a recession coming, and thinks investors are blind to the fact the bear market for stocks has already started.
Read more »
Zscaler stock rallies as results, outlook top Street estimates
Read more »
Stocks rally as U.S., China inch closer to trade dealAsian shares started the week on the front foot on signs the United States and C...
Read more »
Key North Korean nuclear reactor has been shut down for months: IAEAThe nuclear reactor that is believed to have supplied much of the plutonium for ...
Read more »
China stocks rally on stimulus hopes, Aussie dollar hit by weak GDP dataAsian stocks held their ground on Wednesday as Chinese equities soared on stimul...
Read more »
China stocks rally on stimulus hopes, weak GDP growth hits AussieAsian stocks held their ground on Wednesday as Chinese equities rallied on stimu...
Read more »