Transporation ETF Chart (IYT) Continues Bearish Ways, The Professor Was Right
The ETF Professor doesn't like to gloat, but I did warn you about the ugliness forming in the iShares Dow Jones Transportation Index Fund (NYSE: IYT) chart last week. The bearishness was confirmed today as IYT closed below its 50-day moving average for a second consecutive day.
The ETF remains in play this week as Canadian Pacific Railway (NYSE: CP) and Paccar (Nasdaq: PCAR) report results before the market opens on Tuesday and Norfolk Southern (NYSE: NSC) reports after the close. Wabco Holdings (NYSE: WBC) and Kansas City Southern (NYSE: KSU) report later in the week and these reports could lead to further pressure on IYT.
The Professor says stay bearish.
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