Soz Brand Workout: One Gear, All Out
What are the transport stocks saying?It's one thing to proudly state, after finding a colorful chart, that the underperformance of transport stocks does not confirm the rally off the June lows. It's quite another to understand the message. The way I think about it, the transports do not believe the incrementally improving macro data trend, and I suspect it will unwind in a historically dour month for stocks in September. New-order trends in manufacturing reports, and continued focus by retailers on lean inventory management, lend credence to this view.