All of the leading transportation stocks are coming under early selling pressure. The iShares Dow Jones Transport Average (ETF) (NYSEARCA:IYT) is trading lower by 41.00 to $91.52 a share. Yesterday, the IYT sold off sharply lower; today the important sector ETF is continuing to fall at the start of the day. Short term traders should watch for intra-day support around the $91.00 and $90.50 levels. The daily chart of the IYT will have very good support around the $88.70 area which is the 200 day moving average.
Some leading transportation stocks that are selling off today include FedEx Corp (NYSE:FDX), Union Pacific Corp (NYSE:UNP), Norfolk Southern Corp (NYSE:NSC), and Delta Air Lines Inc (NYSE:DAL). Most of these leading transport stocks will usually bounce along with the IYT. Please remember, high energy prices can also adversely affect many of the leading transportation stocks.
Nicholas Santiago
InTheMoneyStocks.com
