Two industrial behemoths in the past that were frequently compared to each other, which are still in the Dow Jones “Industrial” Average (in quotes because it is really not an industrial average anymore with just 4 left presently at my count), are HON and MMM. As seen on the ratio chart below there is a clear leader. Technicians do not look for the reasons behind the PRICE divergences, it could be management or any other cause, but the proof is in the PRICE pudding. At the moment HON trades just 3% off most recent 52-week highs and acting well POST breakout from a cup base while MMM languishes 31% from its peak made the first week of 2022. On a YTD basis, MMM is off 30% while HON is up 3%. Capital should be placed where it is treated best and one can make the argument for a pairs trade long HON short MMM. If one wanted to keep it simple take a shot on a long HON toward the 205 area.