Transports Sink Ahead of the Fed

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.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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