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Trade of the Day: JetBlue Airways Corporation (JBLU)

Transportation stocks are giving particularly bullish signals

   

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My indicators are now giving bullish readings, an upgrade from their previous neutral-to-bearish readings, as there were several bullish developments that crossed the tape last week.

First, Fed Chair Janet Yellen was much more dovish in her testimony before Congress than many market participants were expecting, and she indicated that rates might not rise much more this year. While the Fed was originally forecasting up to four rate hikes in 2017, it appears we may only see one more at the Federal Open Market Committee (FOMC)’s meeting in December.

Another bullish indication was that the transportation sector moved to new highs at the same time that new highs were being set on the Dow Jones index, which, according to “Dow Theory,” is a bullish sign. So it should come as no surprise that my recommendation today involves JetBlue Airways Corporation (NASDAQ:JBLU).

Buy to open the JBLU Sep 24 Calls (JBLU170915C00024000) at $1.00 or lower.

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Article printed from InvestorPlace Media, http://investorplace.com/2017/07/trade-of-the-day-jetblue-airways-corporation-jblu-3/.

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