Oldmopman, UP will report a decent quarter even though total carloads will be about 1% below last year. The problem is that the stock along with other transports have had a big run. If carloads are weakening further how can the stock go higher on guidance that will most likely be tepid?
Can a good earnings quarter be good enough?
I think the transports along with the market look toppy. This is the hardest market to figure out because it is artificially being propped up by the Fed. Throw in market manipulators and machine trading and you have a witches brew. I think there will be support for UP in a mild correction at 130, but I have no feel for how far the market could correct if it does start to fall.