The industrial group is living in the middle of the major 11 S&P sectors on a YTD basis, lower by 6%. Keeping the group afloat in 2022 is no surprise the defense names which is the best-behaved sub-sector within the space. Last week the ITA rose more than 3% in the third-best WEEKLY volume in over one year, and Monday displayed fine follow-through up another 3%. Other areas that have flexed the industrial muscles this year have been marine transportation and the airlines as the economy reopens. SBLK and ZIM are the generals in the transit group and we did see some merger activity with Frontier and Spirit. The best airlines charts always seem to be international plays with CPA and VLRS, although RYAAY has felt the regional conflict with the stock dropping more than 16% over the last two weeks. Below is the chart of the XLI which may be witnessing negative action if it can not climb above the very round par number. The four weeks ending between 1/28-2/18 were all above par intraweek but just one managed to CLOSE above the figure. In my opinion, it must CLOSE above 100 this Friday.