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Transports Erase Early Gains

The Dow Jones Transportation Index ETF(NYSE:IYT) has pulled back this afternoon from the intra-day highs. The IYT will have short term intra-day support around $87.20 and more at the $87.00 level. Should the major stock indexes continue to decline a move lower on the IYT to the $87.00 area is likely. Please remember many investors follow the transports as a sign of economic activity and strength.