Industrials Sleeping Or Bleeding?

I guess the answer to that question is the sub sectors within. On the chart below we see that although the industrials are higher, they are near the cellar of the major S&P sector rankings, outdoing just the staples YTD. Airlines for one seem to be making a solid comeback, with the JETS up almost 8% this week (of course the ETF is still 28% off most recent 52 week highs). The rails seem to be a bit heavy, with CSX meeting resistance this week at the very round 90 number, and a now declining 50 day SMA, the first time in many months it has done that. FDX is still 17% off most recent 52 week highs, although it registered its best WEEKLY gain in 6 months, recording a bullish engulfing candle in the process. Perhaps that chart is on the long overdue mend. Defense and waste names are lagging, and BA is still more than 40% off its annual peak. With the melancholy paragraph written so far, is it so bad thats it is good in a contrarian way, or is there still more bleeding out to occur?

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