In an article I wrote here on Steemit just yesterday, I spoke about how the Dow transports have been selling off hard and fast since the middle of July however, I also stated that if we saw a rebound with regard to the transports this could push stocks higher.
Today in early trade, it appears that the Dow transports are indeed rebounding and this may signal yet another leg higher for the stock market.
If the Dow Jones industrial average closes higher today, that would be nine consecutive records, but if the transports continue to rebound this record run may continue.
As traders, we always have to be ready for this market to turn on a dime, and despite the fact that this market is again by every technical measure you want to look at way over-owned, a leg higher is still possible.
*If you are using my new "Rip System" for trading, put in ticker IYT (which is the iShares transportation average ETF), and tell me what you see... (Please post a comment).
If you want to download my new Rip System, click here: http://www.lulu.com/shop/gregory-mannarino/the-rip-the-markets-face-off-system-for-technical-trading/ebook/product-23285099.html
Gregory Mannarino @marketreport
