Transport Stocks Fail To Deliver
This morning, the leading transportation stocks are coming under some heavy selling pressure along with the major stock indexes. The iShares Dow Jones Transportation ETF (NYSEARCA:IYT) is trading lower by $1.44 to $84.88 a share. Short term traders can watch for intra-day support around the $84.75 and $83.90 levels. Many traders and investors will follow the transportation index very closely as a sign of expansion and contraction in the global economy. Obviously, the transportation index is signaling contraction today.
Some of the leading transportation stocks that are declining today include FedEx Corp (NYSE:FDX), CSX Corp (NYSE:CSX), United Parcel Service Inc (NYSE:UPS). Traders can expect these leading stocks to see intra-day bounces when the IYT reaches important support. This sector is trading very close together at this time.