Transports

The transports are an important group as they can confirm market strength or weakness (Dow Theory) and often be a leading indicator.

Today the transports are curiously strong. FDX is up 3.6% today.

Here's the daily DJ-20 Transports average-outperforming the industrials.

Again though, that 10-min negative divergence is there too. I like the strength as an indication of th bounce having some legs, but as I've been harping, I really think a pullback would do the market some good.

I don't suppose we'll see too much movement before Bernanke speak at 2:15. I'll be watching for any signs that the embargoed speech may have been leaked.