Seidl said he is "neutral" on transports, with his ratings evenly split between "buy" and "sell" ratings.
Dan Fitzpatrick, presidnet of Stockmarket Mentor, said that while transports look fine now, he continues to look for potential trouble.
"You look at some of the coal stocks," such as Patriot Coal and Arch Coal and "they’ve all been trading down quite a while, even though other basic materials like steel and copper are starting to trade higher," he said, adding, "You have to go with the trend and now coal is moving lower and that is the canary in the coal mine" where railroads are concerned.
Truckers, however, such as Landstar System and J.B. Hunt Transport Services, continue to move higher, Fitzpatrick noted.
"They’re in pretty nice uptrends," he said. While he is "pretty bullish on the market," sometimes I think the biggest red flag is no red flag."
Additonal News: Patriot Coal Cuts Production on Weak Demand
Additional Views: Jefferies Raises Landstar System Price to $51 from $43 a Share
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Disclosure information was not available for Jason Seidl, Dan Fitzpatrick, or their companies.