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Get out of transports (IYT), says Citigroup, noting the sector will be hard-pressed to continue...

Get out of transports (IYT), says Citigroup, noting the sector will be hard-pressed to continue its 400 basis point outperformance to the S&P 500 over the last quarter. In addition to expected cyclical weakening, Citi says seasonals don't favor transports during the summer. Also lowered to underweight is telecoms (XTL, IYZ) despite attractive valuations, as Citi believes technology will continue to erode pricing power.
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