Transports Lose Traction

The Dow Jones Transportation Index(NYSE:IYT) is losing some traction today. This important ETF is trading lower by $1.22 to $85.05. When the transports decline it is a sign of economic contraction. Recently the transports have been soaring into the April 2010 highs. There will be minor intra-day support for the IYT around the $85.00 area. A more important intra-day support level for the IYT will be around the $84.50 area.