Transports Struggle To Catch A Bid
This morning, the leading transportation stocks are having trouble catching a bid higher. A case can be made that the high price of crude will keep many of the transport stocks under pressure. The iShares Dow Jones Transportation ETF (NYSEARCA:IYT) is trading lower by 0.32 cents to $91.66 a share. Short term traders can watch for intra-day support around the $91.17, and $90.80 levels.
Some leading transportation stocks that are declining lower today include Union Pacific Corp (NYSE:UNP), Norfolk Southern Corp (NYSE:NSC), FedEx Corp (NYSE:FDX), and United Continental Holdings Corp (NYSE:UAL). All of these stocks are now trading below their daily chart 50 moving average which puts these stocks in a weak technical position.