The Dow Jones Transportation Index is up once again today, putting up 17.5% since mid-November. As shown in the chart below, the Transports are beginning to defy gravity.
The Transports index is now 9.3% above its 50-day moving average. While very high, this spread has actually been higher four other times during the current bull market. The last two times the Transports index got this extended, it stalled out once it got to 10% above its 50-day, which isn't very far off from where it is now.