Financial Stocks Hold All The Cards
The leading financial stocks have been rallying higher since late November 2011. Many traders have discovered that J.P. Morgan Chase & Co (NYSE:JPM) seems to be the most important financial stock in the market at this time. This stock remains very strong on the daily chart. JPM stock is trading above the important daily chart 50, and 200 moving averages which signals strength in the near term. Traders must watch the big resistance levels that will approach around the $40.00 area. This is a level where the stock will face some major headwinds. Often, the action in the financial stocks will dictate the moves in the overall stock market indexes, therefore, this stock market rally could hold up until that time. JPM stock will have intra-day resistance around the $38.25 area.
Some leading financial stocks that are trading higher this morning include Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), and Goldman Sachs Group Inc (NYSE:GS). While all of these stocks are very important it is JPM stock that leads these markets these days.