In addition to being abnormally extended on multi-year timeframes, major rails CP and UNP continue to weaken on their daly charts. I am looking at both as short setups on further weakness.
CP is the first chart, and is still threatening a major head and shoulders top breakdown (on the weekly, too).
UNP has already confirmed its daily chart double-top, and has yet to find buyers as it churns at its breakdown level.
I would also be looking at CSX NSC as shorts.
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Could be the old as dirt tape will finally take to the depends. The 100 roll human edition. Been a nice ride, no?
They’ve been monsters, no doubt.