Some technical analysts that I follow on Twitter ( TWTR) and elsewhere have been worrying about the transportation average not confirming the strength seen in the industrials.
Personally, I think some analysts try to analyze every little jiggle when a step back from the charts may be more revealing. Just saying. Let's check out the charts of the iShares Transportation Average exchange-traded fund ( IYT) . 
In this daily bar chart of IYT, below, we can see that prices bottomed in September and have turned up this month. IYT is above the bottoming 50-day moving average line and the rising 200-day line. The On-Balance-Volume (OBV) line has been steady since July and did not weaken to a new low into the September price low. The Moving Average Convergence Divergence (MACD) oscillator bottomed from June and just crossed above the zero-line for a new outright buy signal.
In this weekly Japanese candlestick chart of IYT, below, we see a positive picture. The recent lower shadow and rally above the 40-week average line are good signs. The OBV line has started to turn up and the MACD oscillator has narrowed significantly.
In this daily Point and Figure chart of IYT, below, we can see an upside target of $290.
In this weekly close only five box reversal filter Point and Figure chart of IYT, below, we see a $313 price target.
Bottom line strategy: Strength in other transportation-related names, like
J B Hunt Transport Services Inc. ( JBHT) , should convince chart watchers that the transportation average is going higher and fears of a Dow Theory nonconfirmation signal are over blown.
