What The Truck?
For whatever reason it may be trucking stocks have been acting soft. Certainly, oil comes into play and labor shortages, but here we feel that is interpreted through individual PRICE action on its chart. Former standout JBHT which 3 1/2 months ago looked wonderful at all-time highs following a cup base breakout is now 27% off that peak. From darling to dawdler. ODFL is another one that led and that name has nearly sliced off one-third of its value since early last December. And this is at a time where delivery services names are starting to heat up, at least technically speaking. Perhaps the hedged regarding fuel PRICES, but again the chart gives you a visual representation of what is going on under the surface. FDX slipped 8% this week falling every day and recorded a bearish WEEKLY engulfing candle. Contrast that with UPS which rose 1% this past week. To add to the mild confusion logistics play XPO and GXO 47 and 58% from their recent annual peaks. The Dow Jones Transport Index has now CLOSED the last 3 sessions near highs for the daily range and finding bounces near the 1300 number. Action within is enough to “drive” one crazy, pun intended.