Financial Stocks Hold Up Early
This morning, the leading financial stocks are holding up after the earnings reports from Goldman Sachs Group Inc (NYSE:GS), and Bank of America Corp (NYSE:BAC). These stocks have been beaten down for quite a while and are trading higher this morning. The poor earnings from these companies were likely already figured into the stocks. Traders and investors must continue to follow the financial stocks very closely as these market leaders have lead the major stock indexes throughout 2011. All of the leading financial stocks still remain below the daily chart 50 moving average which puts these stocks in a weak technical position.
Despite today's earnings, traders must follow J.P. Morgan Chase & Co (NYSE:JPM). This financial giant is the most important leading financial stock at this time. This stock has single handedly fore-casted the movement in the major stock indexes for the past three years. At this time, JPM stock has stayed off the recent low made on October 4, 2011 at $27.85 a share. The stock has intra-day resistance around the $31.50, and $32.00 levels. Should the stock decline traders must watch for intra-day support around the $30.60, and $30.25 levels.