Union Pacific, the the largest publicly-traded rail in the market, had been leading the bull this whole time. We have looked at it frequently throughout the summer and came away impressed at each juncture. The issue was whether UNP would prove to be a true leader. As you can see, that turned out to be the case.
However, the rest of the transportation sector was diverging from UNP in many regards, continuing to be sloppy. Below, you will se the daily chart of the entire Dow Jones Transportation Sector is playing catch-up to UNP. While the sector has more work to do to negotiate that massive consolidation over the past year, it is a real plus for the bulls that the higher lows from this summer proved true.
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cni is a strong one too