The DJIA has had significant losses due to the financial stocks therein, especially Citi, American Express, GE (significant finance exposure) and GM (again, exposure to finance).
At the same time, the heavy weighting of rails in the Tranny Index and the strong demand for coal and commodities has propped up the Transports. If you look at the results of FedEx and UPS, which are part of the index, you see that the consumer side of the economy *is* showing up in the transports.
As far as I can see, there’s only downside from here. The good news is faint, the bad news (especially the rocketing price of oil/fuel) just keeps getting worse, and the credit blow-ups aren’t remotely close to done.
And all the mutual funds that own those shares.
yitbos
Worth repeating.