Tuesday, November 3, 2009
Transports Rally on Buffett/BNI News
Warren Buffett's news of Berkshire Hathaway is buying Burlington Northern has rallied the Transports today. After putting in a "Double Top", it has now rallied off it's 100 dma & 25% Fibonacci Retracement from the March lows. Watch over the next several days, it has already put in a lower low, lets see it a lower high develops? I expect that the 50-dma will be resistance near term.
In this illustration I'll be using the Transportation ETF [IYT]:
IYT Top 10 Holdings
*click on chart to expand image