Thursday, July 7, 2011

Trannies At New All-Time Highs

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One ten year monthly chart through today's close, one message: The Dow Jones Transportation Average ($TRAN) is at new all-time nominal highs:

This ain't U.S. Dollar deflation, folks. I don't watch tout TV (e.g., CNBC) and haven't since the internet days, but I'm guessing someone was throwing confetti today and celebrating. Price the transports in Gold and the picture, of course, looks very different:

Stick with Gold over common stocks until the Dow to Gold ratio gets to 2 (and we may well go below 1 this cycle).

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