"'We certainly don't suggest you simply watch the action of the Dow Transports and nothing else, but in reality, you could do a lot worse,' Hays writes. 'This economically sensitive index measures what the stock market thinks about those industries that carry the goods that consumers order.'
Hays thinks that investors should look at FedEx (FDX) in particular to see whether the stock breaks out above $98.50. If it hits that level, Hays thinks that the market's bull run is here to stay.
'As the old phrase says - it ain't over 'til it's over, or until the fat lady sings, but unless I miss my guess, she is tuning up backstage. If this stock breaks out above that shoulder level of 98.5, it will be fantastic anecdotal evidence that the singing has started.'"
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