yauger
Long

FDX moving higher. Proxy for the stock market ?

BATS:FDX   FEDEX CORP
I am showing you a nice monthly chart of Fedex             not to demonstrate my labeling skill but only to make one point : The bulls are running the parade and it's not over yet. Some might argue that one stock is not a good proxy for the overall equity market but a rising tide lift all boats and I found that stocks with the right look can often be used as a warning signal on what's coming. Actually in 2007 FDX             not only rolled over before the overall market but way before the Trannies. Let's see if history will repeat itself. For now FDX             is in a consolidation that could be over but with current overall market showing sign of exhaustion I would not be surprised if FDX             drops back a bit maybe towards 160 before resuming its march higher. Then later, probably this fall, a larger decline should emerge scaring people away before sucking them all back in for the final rally to end this large advance from the 2009 low. For now, the when and the where are too difficult to predict but until further notice I am bullish FDX             . Stay tuned
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