Transportation stocks have lagged the broader market, and one technical expert says the action could set the market up for the rest of the year.
div > div.group > p:first-child"> The economically sensitive group of stocks just posted eight straight days of losses, its longest losing streak since 2011, and one technical expert says one of its subsectors could make or break the recent market rally.
"If they roll back over, like they did just before the correction of early last year in 2018 and the one that started in late 2015, it could be a good leading indicator of some problems," he warned on CNBC's "Trading Nation.""So, right now, ... it's at a very important, critical technical stage." "Right now, ... we are seeing weakness in the airline stocks — they're down 18 percent from their 2018 highs — and the truckers are down 13 percent. However, the railroad stocks? The S&P Railroad Index is testing its all-time highs," he said Tuesday."If this group can break out in a meaningful way, it should help the transportation index turn back around and move higher, which would be good for the broad market.
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