After a morning dip on profit-taking and because of still-higher oil prices (ahead of the API report), the iShares DJ Transportation Index ETF (AMEX: IYT) pivoted to the upside and has thrust above its nearest-term resistance line at 82.40, which triggers higher projections in my work to 83.80-84.20 next, on the way to a retest of much more important resistance at 86.40/50.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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