Today was all about oil and the transportation index selling off. Oil tends to spike for several reasons such as geopolitical concerns, the US dollar, and speculation are prime drivers that can move the oil market. The transportation sector is highly impacted by the moves in the oil market. Below is a chart of the oil index on top and the transportation index below. As oil has made a new multi year high the transportation index has sold off hard, approximately -8.49% in just a few weeks.
Bottom Line: Oil has been on a tare, and the transportation index is leading the market lower. I think the market will be under pressure until the oil market pulls back. Thank you for reading.
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