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 (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.