After a five-day rally, stocks and exchange traded funds (ETFs) are trading relatively flat as investors search for further signals indicating the health of the economy. 

Upbeat corporate earnings  are drawing the attention of some investors as shipping giant FedEx (NYSEArca: FDX) is raising its first-quarter earnings forecast based on stronger international shipments and cost-cutting measures.  The Tennessee-based company estimates earnings of nearly $0.58/share, well above its previous prediction of $0.30-$0.45/share.  Although the company raised its outlook, it hesitated to comment on a time frame for a recovery, states Samantha Bomkamp of the Associated Press.  The iShares Dow Jones U.S. Transportation Average (NYSEArca: IYT) is up 2.1% in morning trading.

In the global markets, China rallied nicely after a report indicated that factories in the emerging nation gained 12.3% from a year earlier, China is the second-largest energy consumer in the world.  The news sent the iShares FTSE/Xinhua China 25 Index (NYSEArca: FXI) up nearly 0.3% in early morning trading.

For the sixth day in a row, the dollar lost ground against other major currencies pushing the price of crude oil a hair above $72/barrel on the New York Mercantile Exchange.  Although most believe that the price of crude will remain at its current levels, some think that evidence of a sustained rebound in crude consumption could trigger a break out of its current range.  The United States Oil Fund (NYSEArca: USO) was down nearly 0.4% in intraday trading.

On a separate note, Treasury Secretary Timothy Geithner said that the economic recovery of the United States will have more than the usual ups and downs and that the government is preparing to shift its focus from rescuing the economy to repairing and rebuilding its foundation for future growth.  This is yet another indicator that the worst may be over.

Overall, all three major U.S. indexes are up in morning trading with the Dow Jones Industrial Average up 0.1%, the S&P 500 gaining 0.3% and the Nasdaq adding 0.2%.

For more stories on transportation, visit our transportation category.

Kevin Grewal contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.