Financial Stocks Hold All The Cards
One of the most important sectors in the stock market is the financial stocks. These stocks seem to lead the markets. At this time, J.P. Morgan Chase & Co.(NYSE:JPM) is probably the most important financial stock in the entire stock market. This leading financial stock is trading lower by 0.08 cents to $40.40 a share. If this stock can hold up throughout the trading day the major stock market indexes are likely to hold up without selling off. On the flip side, should JPM begin to sell off and decline the major stock indexes will likely begin to sell off and decline. JPM stock will have short term intra-day resistance around the $40.85 level. Should JPM stock decline, the stock will have short term intra-day support around the $40.00 level.
Other leading financial stocks that are struggling to catch a bid higher are Bank of America Corp.(NYSE:BAC), Morgan Stanley(NYSE:MS), and Goldman Sachs Group Inc.(NYSE:GS). Traders must keep a close eye on JPM as this stock is the leading financial stock in the market at this time.