Hold on for Dear Life to This Part of the Market

The transports, simply put, are likely to be the bears' best piece of evidence that a true market correction is imminent. 

After bouncing late-last week and galvanizing bulls for a noter "here we go again rally off a false breakdown," the Dow Jones Transportation Average is back below 8,600, a multi-quarter support area. 

Clearly, the transports have been diverging from the industrials and indeed major averages for a while now. But it will only have more gravitas if and when the rest of the market buckle.

In the meantime, we walked into today short AAL inside Market Chess Subscription Services, after covering a UNP short last week. To be sure, rails have been hit hard and now so, too, are airlines. 

Thus, in lieu of calling a top to the market based on the transports, per se, we can simply find actionable short trades in the sector until then.