Letââ,¬â"¢s notice that while the Dow and DIA have climbed to new highs, the DJTA and the IYT are a long way from their 2006 peaks, and today are putting in key downside reversal spikes.  All of the top 6 holdings of the IYT either are in the process of putting in key downside reversals or have established new recovery highs this morning followed by a decline to or below unchanged for todayââ,¬â"¢s session ââ,¬â€œ with oil down on the session and near its July-Oct lows.  Huh?  Yep, both the pattern work off the May highs and the underlying momentum oscillators indicate the todayââ,¬â"¢s action is a BIG WARNING that the Transport sector in particular, and perhaps the economy in general, are not as chipper as many stock bulls would have us believe.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.