This one group of stocks holds the transports rally in the balance

"This is a group that was actually a big concern for us about a month ago when the S&P 500 railroad index made a lower low and it looked like it was going to take the group lower, and this was particularly important because the railroads have been a good leading indicator for the entire transportation index all year long," Maley said Tuesday on CNBC's ""However, they've bounced strongly in the month of October, and they're now bumping up against their...

The trucking stocks could also be a key indicator for the rest of the group, particularly because they have trended upward with higher highs and higher lows, he added. "If the transportation stocks can play catch up, that'd be great for the Dow Theory guys, and for the broad markets, so see how these groups act over the next two weeks or so," he said.

The Dow Theory posits that a move higher or lower in the Dow Jones Transportation Average typically precedes a similar move in the Dow Jones Industrial Average, and vice versa. It rests on the presumption that an economy that manufactures at a certain pace then needs a mode of transportation to move those goods domestically and internationally.

Quint Tatro, president of Joule Financial, has his eye on two transport stocks as potential breakout stars.is a fundamentally attractive name. They are not all that cheap — I mean they're selling 18 times forward earnings with earnings basically to be flat next year, but this past year was a 36% earnings jump.

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