Federal Express (FDX), UPS (UPS), Norfolk Southern (NSX), Union Pacific (UNP), you name it. There's such an unbelievable amount of pressure from this group, one that I still respect as a tell on things. If we had them reverse and start going higher, it would at least give me a sense that the Chinese rally and the Baltic Freight rally are going to eventually affect us.

Federal Express (FDX), UPS (UPS), Norfolk Southern (NSX), Union Pacific (UNP), you name it. There's such an unbelievable amount of pressure from this group, one that I still respect as a tell on things. If we had them reverse and start going higher, it would at least give me a sense that the Chinese rally and the Baltic Freight rally are going to eventually affect us.

Federal Express (FDX), UPS (UPS), Norfolk Southern (NSX), Union Pacific (UNP), you name it. There's such an unbelievable amount of pressure from this group, one that I still respect as a tell on things. If we had them reverse and start going higher, it would at least give me a sense that the Chinese rally and the Baltic Freight rally are going to eventually affect us.

Federal Express (FDX), UPS (UPS), Norfolk Southern (NSX), Union Pacific (UNP), you name it. There's such an unbelievable amount of pressure from this group, one that I still respect as a tell on things. If we had them reverse and start going higher, it would at least give me a sense that the Chinese rally and the Baltic Freight rally are going to eventually affect us.

Last year's plunge in the group was about hedge fund liquidation. This year's is about a cessation in all economic activity. It is about the rails just collapsing and how nobody's shipping much of anything save, well, Amazon (AMZN).

The truckers are getting hammered too, with JB Hunt (JBHT) and YRC Worldwide (YRCW) going down again. Nothing's being shipped.

The truckers are getting hammered too, with JB Hunt (JBHT) and YRC Worldwide (YRCW) going down again. Nothing's being shipped.

The rails are about shipping in from China and shipping out to the rest of the world. Chemicals, autos, timber -- all are down huge. I am surprised that the coal shippers, Burlington Northern (BNI)for example, can't get out of their way. BNI should be going higher, not lower, given the Shanghai rally and the demand for coal.