(1) To be bullish, Dow Theory needs new high for DJTA. (2) Railroads are fine. The problem is Air Freight & Logistics. (3) US & China data showing global economy weaker than their domestic economies. (4) Record employment in trucking. (5) Trucks’ crossing: Wage inflation rising, while PPI inflation falling. (6) Railcar loadings growth signaling recession? (7) West Coast ports activity stalled at record high. (8) China railway freight traffic still on uptrend, while trade data stalls. (9) Powell seeing more slack in labor market than he did before.
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