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Canadian Pacific operates a transcontinental railway in Canada and in the Northeast and Midwest U.S. It recently acquired Kansas City Southern. The combined company transports products ranging from bulk commodities to merchandise freight across a 20,000-mile rail network and has nearly 20,000 employees.

We raised our intermediate-term technical assessment to bullish from neutral on May 7. In a the three days prior, the S&P 500 (SPX) had popped 3.2%, the Nasdaq ripped higher by 4.8%, and the Nasdaq 100 (QQQ) jumped 4.4%. That is the largest three-day gain since mid-November for the SPX and since early November for the Nasdaq and the QQQ. The price action coincides with the beginning of the last rally following the late-October pullback low.

Norfolk Southern Corp., through its Norfolk Southern Railway Company, operates approximately 19,500 route miles in 22 eastern states and the District of Columbia. The railroad serves all major eastern ports and connects with rail partners in the western U.S. and Canada. Norfolk Southern also has an extensive intermodal network in the eastern U.S. The stock is a component of the S&P 500. The company has approximately 20,700 employees.

Canadian National Railway transports more than CAN$250 billion of goods per year, ranging from commodities to manufactured products, across an approximately 20,000-mile North American rail network that connects the Atlantic, Pacific, and Gulf of Mexico coasts. CNI stock trades on both the New York and Toronto stock exchanges. The company has 25,000 employees.