The transport index has made a sharp recovery, up nearly 10% since late January. There is some argument that under Dow Theory, a buy signal has been triggered. Jeffrey Saut, of Raymond James, published commentary yesterday, By The Side Of The Road, discussing this Dow Theory buy signal.
In addition to cyclically exposed transports, several of the more cyclical sectors of the S&P 500 Index have displayed leadership in February to, materials and industrials.
For long term investors, missing the handful of strong equity market up days during a given year will penalize return outcomes for the entire year. Some will comment missing those down draft days enhances returns as well, and that is certainly true. Timing when to get in an out of the market though is one difficult endeavor and the long term bias of the market is a trend that moves higher.