Later on, in this note, we go over in detail how the airlines may be signaling that things are getting better. And here we take a peek at probably the most recognizable, yet petite, area of the industrials in the delivery services group. It is influenced heavily by the 2 charts below is UPS and FDX. We have long been pounding the table that UPS is the better of the two (perhaps that is validated by the fact that UPS is the 2nd largest holding in the XLI compared to FDX being the 16th), and we still think that is the case, but FDX is starting to pull its weight too, pun intended. The case for UPS is obvious here as seen on the WEEKLY chart below as it is emerging from a long cup base. For FDX is on a 6-week winning streak, and has advanced 12 of the last 14, and is now less than 2% away from recapturing its 200 day SMA for the first time since last July. The action of these 2 names can give the overall industrial space a bump. Curiously both FDX and UPS added a couple of percent last week and other best of breed peers like FWRD and EXPD recorded nasty WEEKLY reversals, each falling 5%.