Thursday, 17 January 2013

1pm update - relentless transports

The price action in the Transportation index remains the most impressive aspect of the last few weeks. A massive breakout..and it just keeps on going. No sign of sign of stopping. The metals are accelerating..after their morning reversal.

trans, daily



I see a few people out there adding to shorts, but really, there is nothing that would suggest this nonsense it ending. Quite the contrary in fact.

With the trans/R2k,..and now the SP' above their mid-Sept' highs, a lot of the old 'doomer' charts have to get deleted.

GLD, daily

Still within a bear flag..but clearly, the action today is very strong.