Transportation stocks have been riding high lately thanks largely to falling oil prices, and one market pro thinks they have more room to run.
The Dow Jones transportation average is up about 23 percent this year and is outperforming the broader market since a pullback in mid-October. Cheaper gas prices means companies have been able to rein in fuel costs and consumers have had more to spend on merchandise that needs to be shipped.
Jack Bouroudjian, CIO of Index Financial, told CNBC he expects the transports will continue to power higher thanks to the pro-growth policies of the incoming GOP-controlled Congress.
"It's not a coincidence that the oil prices started to drop as soon as it was inevitable that the Republicans were going to start taking control of Congress," Bouroudjian, also a CNBC contributor, said in an interview with "Power Lunch."
"We can talk about the Saudis slashing prices. We can talk about everything else. But you have had an Obama premium in energy prices over the course of the last five to six years and I think that is what we're seeing taken out of the market."