Financial Stocks Dip Early, Will The Decline Last?
The financial stocks have been very strong since December 19, 2011. J.P. Morgan Chase & Co (NYSE:JPM) is the leading financial stock in the market. This morning, JPM stock is declining lower by 0.43 to $37.86 a share. Nearly everyday, the financial stock will trade right along with the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA). This leading sector will normally decline in the early part of the trading session and rally back in the second half of the day. Traders can watch for intra-day support on JPM around the $37.60, and $36.85 levels.
Other leading financial stocks that are coming under early selling pressure include Goldman Sachs Group Inc (NYSE:GS), Citigroup Inc (NYSE:C), and Deutsche Bank AG (NYSE:DB). These financial stocks have lead the major stock indexes higher and lower over the past five years. Traders must remember that every crisis since 2007 has been a banking crisis.