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Transportation Sector Ready To Zoom Higher at Trader’s Narrative

The last time I visited the transport sector, it was in mid August when the whole market was making its intermediate low. Like many sectors, the transportation sector had an extremely low bullish percent index. It reached a low of 15% which was as low as it had been for more than 2 years:

transport bullish percent index december 2007

And once again, the bullish percent chart for this sector is in deep oversold territory. It is already bouncing back but there is still an opportunity to pick up great bargains in rails, trucking and shipping stocks.

transport index december 2007

Although the sector was deeply oversold the index didn’t really respond last time (August 2007). I think this time price will be more accommodating to a rally since it has fallen to major support and also, we’ve already seen bargain buying create a spike bottom.

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