The iShares Dow Jones Transportation Index ETF(NYSE:IYT) has been on a roller coaster ride when viewing the daily chart. The popular and highly followed transportation index is under pressure again this morning despite the small rally in the Dow Jones Industrial Average. Short term traders should watch the $90.00 level as the next important intra-day support area. This is a level where the IYT could see a small intra-day bounce.
Some leading transportation stocks that are trading lower today are FedEx Corp.(NYSE:FDX), United Parcel Service Inc.(NYSE:UPS), and CSX Corp.(NYSE:CSX). Traders can watch for bounces in these leading transport stocks when the IYT bounces or trades higher.
Nicholas Santiago
InTheMoneyStocks.com
