With Oil prices remaining broadly weak - not least ahead of the Thursday OPEC meeting, the transportation index is showing notable strength, now higher by 19.8% across just 30 trading days. Incredible gains... but with much higher levels still to come.
So... the Tranny is now in the 9200s.. and 10k is just another 8% or so higher.
Trans 10k will surely equate to R2K >1212.. .and thus.. is an extremely bullish sign.
If sp'2200s by the early spring, then a straight hyper-run to 3k... very probable.
*ohh, and I realise that is what some of you do not want to hear, but I ain't painting a bearish scenario just to please those with a closed mind.
Notable weakness, Oil, -1.9%...
If Oil to the low $60s, then USO to 22 or so.. by the spring.
stay awake... if you can :)