Transportation stocks have been stuck in the mud.
Out of the all the industry groups in the S&P 500, transportation names are the worst performing in 2015, down a staggering 16 percent year to date as declining crude prices have weighed heavily on the economically sensitive sector. But according to one market participant who focuses on the charts, a turnaround could soon be on the horizon.
For much of this year, crude oil and transportation stocks have been positively correlated. When the commodity declines, the equities follow, but for Ross, this instance could be different.
"This time around the transports are coming off a double-digit percentage decline and multimonth period of underperformance," said Evercore ISI's head of technical analysis. "This is in contrast to crude's initial decline which coincided with the high in the transports and a multiyear run of outperformance."