All the broader markets moved higher last week led by the Transportation index (up almost 2%), which had been lagging. As I mentioned in prior letters, the Transportation Index and the Russell 2000 Index have had a tendency to lag and then play “catch up” over the last year or so.
The Russell started to lag again but it was able to eke out a small gain for the week. Maybe it will be able to play catch up as well this week.
Overall, last week was a sideways chop that was consolidating the prior week’s gain and the majority of the smaller gains that did happen occurred on Friday.
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