Financial Stocks Hold The Cards
This morning, all of the major financial stocks are declining lower. This sector has lead the markets lower throughout the trading year. Stocks such as Bank of America Corp.(NYSE:BAC), and Morgan Stanley(NYSE:MS) are making new 52 week lows this morning. Other leading financial stocks such as Goldman Sachs Group Inc.(NYSE:GS), J.P. Morgan Chase & Co.(NYSE:JPM), and Citigroup Inc(NYSE:C), are trading near their lows for the year.
Should the financial stocks catch a bid or trade higher throughout the day the major stock indexes could reverse the early declines and rally higher. At this time, the financial sector is holding the cards in this stock market. The Financial Select SPDR Fund(NYSE:XLF) will have intra-day support around $14.72, and the $14.60 levels.