I started to see the first signs of bullishness in the market indexes on Tuesday but the Dow Transports, which I haven’t been paying attention to, looks to have put in a short term bottom two weeks ago. First with volume essentially drying up and with four accumulation days under it’s belt, it’s starting to look more and more bullish everyday.

I almost feel alone in saying that I like the action in the major indexes, especially the Nasdaq with a nice accumulation day today, as most traders seem bearish these days. The Dow rebounded after a¬†successful¬†retest of the recent lows, which I was hoping for a gap down/fill…just didn’t expect the move to take us so low. The morning session wasn’t pretty, but if we can close out the week unchanged or with a slight up move I would say the bulls have managed a big win for the week.

One sector getting ready to hit new highs. Here is a list of stocks in this sector that are at or near their respective highs.

2 Responses to “Transports Strength Bodes Well For Further Gains”

  1. 49er Says:

    SSN put out a press release of aquiring big bakken acreage—don’t know if it matters right now though. Tried to post this comment on Stockrake as well, but unable to get it to work

  2. jeff pierce Says:

    What do you think it means?

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