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Union Pacific could help the transports rally kick into gear

One railroad stock could help the transports rally kick into gear $DJT $IYT (via @TradingNation)


One railroad stock could help the transports rally kick into gear $DJT $IYT (via TradingNation)

The transports sector has lagged this year, but trader Matt Maley sees one railway stock that could carry the group back to highs.

"The thing is if we break out of that, that still won't take us to new all-time highs. That's still 8% from where we're trading right now," Maley said. "There's no question we're going to need this group to see new highs if the market's going to see a nice rally in 2020 like it usually does an election year."

"Here's a stock that's at the $180 level. That's going to be the key level to watch. It's bumped up against that level three different times. Each time it's come back. If it can finally break above that level in any kind of meaningful way, it's going to be very bullish for [Union Pacific], and for the rail group overall," Maley said. "In turn, that would be good for the entire transportation sector so I'm looking at UNP, Union Pacific, very closely right now kind of as a catalyst."

"We think there's a dichotomy in the space. I mean you have some of these transport companies that are feeling the Amazon effect like FedEx, like UPS and how all of that shakes out, but then you have the airline companies who are in consolidation, are going to further consolidate and they're a beneficiary of a growing economy and then you have a company like Union Pacific that's just done great," Bapis said during the same segment.

Read more: CNBC

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