Truck tonnage is a reasonable proxy for the overall economy, and stock prices tend to rise as the economy grows as the chart below so clearly illustrates.
…[Why? Because] the physical volume of goods carried by trucks…represents “70.2% of the tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods,” according to the American Trucking Association… #munKNEE/Money!
…August data registered a 3.2% drop from July, but it still shows a 4.1% year over year gain…and the 3-month moving average…uptrend…[as shown below] suggests the equity market may be a bit too cautious about the current health of the economy…
[The chart below] compares the 3-month moving average of the trucking data with the level of the S&P 500.