Banks Stocks Remain Weak
As we all know, the major stock indexes plummeted yesterday. The financial stocks lead the decline as every major bank and financial institution came under heavy selling pressure. This morning, the major financial stocks are once again coming under early selling pressure. It is important to note that many of the leading financial stocks are now coming into important support levels, therefore, it is possible to see some intra-day bounces on many of these leading stocks.
J.P. Morgan Chase & Co.(NYSE:JPM) is the most important bank stock in the stock market at this time. This stock looks to have very strong intra-day support around the $41.00 area. Should the stock fail to hold that support area the next important intra-day support level would be around the $44.45 level.
Other leading financial stocks that are trading lower this morning include Wells Fargo & Co.(NYSE:WFC), Bank of America Corp.(NYSE:BAC), and Citigroup Inc.(NYSE:C). Generally, these stocks will usually trade together, however, JPM is clearly the most important and will usually lead the sector.