Letters of the Week

Transport weakness, small cap signposts, and interbank lending.

From a technical perspective, the Dow Jones Transportation Index looks very weak to me, particularly since January this year. Doesn't this totally conflict with the increase in bullish sentiment towards shares and recent pre-QE3 performance in the Dow, Nasdaq and S&P 500? Isn't the transport index a leading indicator?

Also, the NYSE VIX volatility index has declined to lows not seen since 2007 and doesn't this suggest complacency?

L Heffes

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