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Transports Test Major Level
The iShares Dow Jones Transport ETF (IYT) has rallied sharply higher from its March 15, 2011 pivot low at $88.90 a share. This morning the IYT is trading higher by 0.59 cents to $95.72 a share.
The IYT has rallied higher by nearly $7.00 in just 12 trading sessions. At this time the IYT is trading around its recent double top area from February 18, 2010 which was $96.30. Therefore, this area should be of some resistance in the near term. The IYT is also getting a bit extended on the daily chart at this time.
Recently, the transports have climbed higher with the major stock indexes and this is a sign of economic strength in the near term. However, until the IYT clears the double top area at $96.30 traders must not assume that the transports will break out just yet.
Other leading transport stocks that are trading higher this morning are FedEx Corp. (FDX) and United Parcel Service Inc. (UPS). Should the IYT begin to pullback it would be prudent to expect these transport leaders to pullback as well.
Nicholas Santiago
InTheMoneyStocks.com
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FEDEX CORP (FDX): Free Stock Analysis Report
UTD PARCEL SRVC (UPS): Free Stock Analysis Report
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