Chart of the Day - Friday, July 17th, 2020

Today’s Chart of the Day was shared on Twitter by Larry Tentrarelli (@LMT978). It's a daily bar chart of the Dow Jones US Trucking Index ($DJUSTK) over the past 14 months. The top five components in this index include Old Dominion Freight ($ODFL), J.B. Hunt ($JBHT), C.H. Robinson ($CHRW), Knight-Swift Transportation ($KNX), and Landstar Systems ($LSTR). The Trucking Index closed at an all-time high for the fourth consecutive day today. As Larry points out, all-time highs for the Trucking Index are a positive sign for economic expectations. To be fair, Transportation stocks more broadly still have some work to do, as the Dow Jones Transportation Average ($DJT) is about 14% below it's September 2018 high and lagging the major indices. But overall, it's hard to be aggressively bearish when you have cyclical areas of the market like Trucking printing new highs day-after-day like this.