Transports Sink Lower
All of the leading transportation stocks are coming under early selling pressure. The iShares Dow Jones Transport Average (ETF) (NYSEARCA:IYT) is trading lower by 41.00 to $91.52 a share. Yesterday, the IYT sold off sharply lower; today the important sector ETF is continuing to fall at the start of the day. Short term traders should watch for intra-day support around the $91.00 and $90.50 levels. The daily chart of the IYT will have very good support around the $88.70 area which is the 200 day moving average.
Some leading transportation stocks that are selling off today include FedEx Corp (NYSE:FDX), Union Pacific Corp (NYSE:UNP), Norfolk Southern Corp (NYSE:NSC), and Delta Air Lines Inc (NYSE:DAL). Most of these leading transport stocks will usually bounce along with the IYT. Please remember, high energy prices can also adversely affect many of the leading transportation stocks.