February 24, 2003 - The Dow Transports are just above their October 2002 (2008) and September 2001 (1942) lows. The inability of the Trannies to follow the Dow to new lows has been a positive for the market, but this time the Transports are leading to the downside. New lows in that index would be bearish under Dow Theory, the oldest school of technical analysis, and would be a good hint that the Dow may eventually follow.
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