Transports Finally Head North
Many of the leading transportation stocks are trading higher today. This leading sector has been extremely weak since May 3, 2012. Today, the important iShares Dow Jones Transport. Avg. (ETF) (NYSEARCA:IYT) is trading higher by $1.15 to $92.41 a share. Short term traders should watch for intra-day resistance around the $92.60, and $93.10 levels. This sector was very oversold in the short term with most other sectors and due for a bounce.
Some of the leading transportation stocks that are trading higher include FedEx Corporation (NYSE:FDX), CSX Corporation (NYSE:CSX),Kansas City Southern (NYSE:KSU), and Ryder System, Inc. (NYSE:R). Traders must now trade this sector one day at a time as it is likely to remain very volatile over the next few weeks.