Introduction
A month ago, I wrote that transportation wasn't nearly as bearish as almost all analyses have suggested. That's because those analyses rely chiefly on two metrics: (1) rail traffic and (2) the Cass Freight Index. The former suffers from the fact that over the past several years, there has been a shift from rail to the 3x larger truck transportation sector, probably due to the widening of the Panama Canal, and competition from the Suez Canal diverting traffic to the US East Coast. The latter has historically been too volatile and too bearish, having