Industrial Clues?
Sure this is a financial note, but I am always trying to look at different angles at things to try and deliver outsized returns to the table. We have recently been bullish on the industrial space and perhaps the chart below of FLT could give us some inkling into whether the trucker names will start to get going, pun intended. The company is a payments play that has its foot in the door of how transportation could be performing. If the stock is acting well maybe the group will follow. It is now 5% off most recent 52-week highs and recently broke a string of lower WEEKLY highs dating back more than 2 years. Last week completed a bullish 3-week tight period as the weeks ending between 5/19-6/2 all CLOSED within 1.18 of each other, and we know from this type of coiling action breakouts tend to be powerful. And this was following the week ending 5/5 jumped more than 8% in well above average WEEKLY volume. If this continues to act well the industrials may follow in pursuit.