The Transports Under Pressure

The iShares Dow Jones Transportation Average(NYSE:IYT) has declined sharply lower this afternoon. The $2.00 sell off in the index ETF occurred as the major stock market averages all rolled over. Leading transportation stocks such as Fedex Corp.(NYSE:FDX), and CSX Corp.(NYSE:CSX) have declined sharply. The IYT will have short term support intra-day around the $78.00 level. The transports are closely followed by many traders and investors as this index is a sign of economic growth and expansion.