--Screaming driver (Planes, Trains and Automobiles)
For the past few months, the Dow Jones Transportation Index ($TRAN) has been trading in a well defined channel bracketed by 5225 on the upside and 4875 on the downside.
Today the Trannies reversed off the highs in the 5225 area to close near the lows. Whether this reversal marks a tradeable high remains to be seen.
Dow theorists have been waiting for a decisive break out of this channel (either way) for some hint about the future direction of the tape. Perhaps they will be waiting some more.
position in SPX
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1 comment:
Oh, he's drunk. How would he know where we're going?
~Del, Planes, Trains and Automobiles
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