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The Wheels Have Come Off The Transports

ByNicholas Santiago
Published 04/15/2013, 05:35 PM
Updated 07/09/2023, 06:31 AM

This afternoon, the leading transportation stocks have sold off sharply lower throughout the trading day. Traders and investors can easily track the action in the transportation sector by following the iShares Dow Jones Transportation Average (IYT). This important index has been viewed by many traders and investors as a leading indicator for the stock market. When the transports trade higher it is viewed as economic expansion. The opposite is true when the transports decline, it is viewed as economic contraction. Today, the IYT is trading lower by $3.61 to $105.72 a share which is a 3.36 percent decline. Short term traders should watch for near term support on the IYT around the $104.50 level.

Some leading transportation stocks that are coming under selling pressure today include FedEx Corporation (FDX), Union Pacific Corporation (UNP), Delta Air Lines Inc (DAL), and Frontline Ltd. (FRO). Many traders should note that FDX reported earnings that were well below expectations on March 20, 2013. When a leading stock in a sector declines it is often a sign of weakness for the sector.

IYT

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