Financial Stocks Are Dipping Early
This morning, the leading financial stocks are coming under some early selling pressure. Since December 19, 2011 nearly every morning decline in the financial stocks has been bought in the latter part of the trading day. Last night, President Obama said that the banks would not be bailed out again and they would not be allowed to gamble the way they have in the past. This statement by President Obama could be having a negative effect on the financial stocks today.
Some leading financial stocks that are falling lower today include J.P. Morgan Chase & Co (NYSE:JPM), Goldman Sachs Group Inc (NYSE:GS), Citigroup Inc, and Morgan Stanley (NYSE:MS). Traders should follow JPM stock very closely as this stock seems to be the most important financial stock at this time. JPM stock will have intra-day support around the $37.00, and $36.50 levels.