The IYT Gets Transported South
This morning, the important and highly followed iShares Dow Jones Transportation Average ETF (NYSEARCA:IYT) is trading lower by $1.84 to $91.52 a share. This is a 2.00 percent decline for the major transportation index. Traders and investors will usually follow the transport index very closely as a sign of economic growth and contraction. The daily chart of the IYT will have short term support around the $90.70 area. Short term traders can watch for intra-day support around the $91.50 and $91.00 levels.
Some of the leading transportation stocks that are coming under selling pressure today include Kansas City Southern (NYSE:KSU), CSX Corporation (NYSE:CSX), Delta Air Lines, Inc. (NYSE:DAL), and Ryder System, Inc.(NYSE:R). All of these these transport stocks are trading lower with the major stock indexes, therefore, investors may want to time any trades with the important IYT.