Regarding the lagging transports, I have been looking for them to stabilize in order to cement the bull thesis going forward. They do not need to lead, but rather illustrate that the recent weakness was a shakeout more than anything else. Observing air freight monster UPS is key here. The monthly timeframe above indicates how serious of an area we are at, with the major support trendline in play back to the March 2009 bottom.
On the daily chart, below, note the relative strength today. In addition, consider the potential for an inverse head and shoulders bottom.
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