FDX Redheaded Stepchild Again?
The two delivery giants within the industrial group seem to be headed to different destinations, pun intended (XLI on a 3 month look back period is the best major S&P sector performer of 11). Over the last one month UPS is lower by 1.1%, while FDX is higher by 5%. FDX is trying to maintain altitude above a recent break through a 289.86 cup with handle trigger taken out on 11/24, and we know the best breakouts tend to work right away so it needs to get moving higher soon (it has traveled from the round 100 number in mid May to near 300 this week so it may need a prudent sideways PRICE pause too). The chart below of UPS shows a sideways range between 155-175 during the last 4 months, remember the industrials have surged during the time period, so for it not to join in on the party is a bit concerning. The last 2 weeks backed off near highs for the intraweek range the week ending 10/30, that fell 9% in the second largest WEEKLY volume in the last 7 months. The freight, I mean the weight of the stock is feeling heavy.