Transport stocks have been flying under the radar recently as financial and technology stocks battle for the limelight. While there is no denying the importance of the financial or technology sectors, the health of the transports is vital to any possible bottoming process in the markets. The transports deliver the goods we consume as Americans, and they will be one of the first groups to show signs of a recovery.

Until recently, parcel-shipping companies like FedEx Corporation (NYSE:FDX) were looking like they were breaking down and headed lower. In late June, FDX broke under a lateral range it established after the strong rally off the March lows. However, this break was short lived, as FDX quickly traded up to the 200-day moving average, and then surpassed it a couple of weeks later. FDX easily cleared its May high, and appears headed for a test of the December high near $75