Well, I really need to download your Rip System and digest it before opening my mouth about it, but when I look at IYT I do see it turning on a dime in the daily chart, but not breaking any trend line yet. We are still squarely in the middle of a consolidation range and I would normally not trade on this kind of move, but I can see how you would. I will be interested to see how this turns out, but I think I would not make a move on this.
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I wouldn't buy calls on IYT here however, a rebound in the transports may push the major indices higher.
Ah, yes, that is the point you were making. True.