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Below we highlight a one-year chart of the Dow Jones Transportation Index. As shown below, the Transports have been on fire recently, even with JetBlue (NASDAQ:JBLU), Continental Airlines (CAL) and AMR Corp. (AMR) part of the 20-member index.

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As shown, 16 of the 20 stocks that make up the Transports index are up on the year, with Ryder Systems (NYSE:R) up the most at 63%. CSX, BNI, GMT, NSC, LSTR and JBHT are all up more than 30% as well. The average estimated '08 P/E ratio of members in the index that have P/E ratios is 21.24. The stock with the lowest estimated P/E is OSG at 10.28, followed by GMT (14.72) and ALEX.

Source: Dow Jones Transport Index at New Highs: A Look at Its Members