In rush of transports earnings, one group has reached a 'key juncture,' trader says

, managing director of FX strategy at BK Asset Management, said a catalog of problems could put pressure on the transports here – from weak freight numbers to the Boeing Max 737 groundings, which continue to weigh on certain airlines, to a spreading coronavirus outbreak in China.

"The story isn't over. That's why I'm very leery of the transports at this point, I don't think the IYT is going to break the $200 level here, because nobody who is going to come out with earnings is going to grossly surprise to the upside. So at this point, I think it's going to be pretty much fizzling out," said Schlossberg during the same segment.Schlossberg also worries that weakness in the broader economy is going to weigh on the group.

"The mainstream economy isn't growing as much as the equity market is growing, and I think you see this disconnect most glaringly in this particular sector and I think it's going to pull everything else down as we go forward," Schlossberg said.

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