As transports tumble, technical analyst sees one winner and one loser in the space $IYT (via TradingNation)
is down 25% in 2020, tracking for its worst year on record. Airlines have led the decline as coronavirus lockdowns shut down domestic and international travel., sees markets improving but does not expect transport stocks to catch up.
"We think a new bull market is underway and transports are at least attempting to bottom, but there are two concerns that keep us away from this industry," Wald said on CNBC's "" on Monday. "One, the tracking ETF can be considered damaged below its December 2018 low at $156." "Two, we think it's quite telling that transports underperformed into their initial January peak. They underperformed into the March low, and they're still underperforming on this market snapback," said Wald.has bounced 34% off its March low, the IYT ETF has risen 25% from its own. It is still 28% below its January peak.
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