Financial Stocks Always Know
One of the most important stocks sectors that anyone can follow is the large financial stocks. After all, the Federal Reserve does not print all of this money to help bailout the local coffee shop, they do it to save the large financial institutions. There have been 454 regional bank failures in the United States since the start of 2009. The large banks have enjoyed the benefits from all of the free money that they receive from the Federal Reserve since that time. The large financial institutions have a very profitable credit card business, buy stocks, make investments, and sometimes even make loans to qualified borrowers.
Goldman Sachs Group Inc (NYSE:GS) is one of the most important financial stocks that any trader can watch on a daily and intra-day basis. Today, GS stock is trading lower by $1.78 to $159.90 a share. Day traders should watch for intra-day support around the $158.73, and $155.00 levels. The daily chart of GS still remains in an uptrend by trading above the important 50, and 200-day moving averages. Should GS stock decline sharply over the next week or so swing traders can look for support and a potential bounce around the $145.00 level.
Some of the other leading financial stocks that traders should follow closely include J.P. Morgan Chase & Co (NYSE:JPM), BlackRock, Inc. (NYSE:BLK), Bank of America Corporation (NYSE:BAC), and Citigroup, Inc. (NYSE:C). All of these leading financial stocks still remain in a daily chart uptrend at this time despite the intra-day weakness. Should this leading stock sector begin to break down that would be a very good sign that the stock market is about to stage a major correction.