Transportation stocks are rallying out of correction territory, and that says good things about the state of the U.S. economy, says investing expert Kevin O'Leary.
div > div.group > p:first-child"> The iShares Transportation Average ETF, which counts railroad operator Norfolk Southern and shipping giant FedEx in its top holdings, climbed out of correction territory on Monday, rallying over 2 percent. A correction is defined as a decline of 10 percent or more in a given security or index.
"Transports are the index of all indexes" when it comes to gauging the state of the U.S. economy, O'Leary said."What [the action is] basically telling us is that the, at least domestic, economy is firing on all pistons.""I do not like market cap-weighted indexes" such as the iShares Transportation Average ETF, he said."This is not the way to go."
Ric Edelman, executive chairman and co-founder at Edelman Financial Engines, agreed with O'Leary, steering investors toward equal-weighted investments such as the SPDR S&P Transportation ETF.
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