Transports Sink Ahead Of The Fed
Nicholas Santiago | Aug 02, 2012 01:20AM ET
This morning, the important and highly followed Dow Jones Transportation Index is coming under some selling pressure. The iShares Dow Jones Transportation ETF (NYSEARCA:IYT) is trading lower by $1.20 to $89.67 a share. Short term traders should watch for intra-day support around the $89.43, $88.85, and $88.10 levels. All of these levels could see potential intra-day bounces.
Some leading transportation stocks that are coming under selling pressure today include FedEx Corporation (NYSE:FDX), Kansas City Southern (NYSE:KSU), and Spirit Airlines Incorporated (NASDAQ:SAVE). Traders should remember that the transports will likely be volatile today as investors jockey for position ahead of the FOMC announcement this afternoon.
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