NEW YORK ( TheStreet) -- The first day of May is termed May Day as a celebration of spring. This year the market is celebrating the spring to another all-time high for the S&P 500 set at 1597.57 yesterday. The first business days of May in 2011 and 2012 were "mayday" alerts as the S&P 500 set tradable tops two years in a row on this day.We begin May 2013 without a confirmed market high and with the other major averages below all-time highs. The Russell 2000 set its all time high at 954.00 on March 15. The Dow Industrial Average set its all-time high at 14,887.51 on April 11. Dow transports set its all-time high at 6291.65 on March 19.
The transportation sector is 14.9% overvalued and among the 177 stocks in this sector 89 are rated sell and another 48 are rated strong sell. With 77.4% of the stocks in the sector rated sell I continue to rate this sector "avoid-source of funds." Since setting its all time high at 6291.65 on March 19 the Dow transportation average is down 1.8%, but ended April up 16.4% year to date.