Financial Stocks Keep Market From Dropping Further
The large financial stocks have been under pressure since early April 2010 when the leading bank stocks reported earnings. This morning the major stock indexes are struggling to stay positive, however, it is the large financial stocks that are showing some intra-day strength and are actually keeping the S&P 500 Index from selling off further.
Bank of America Corp.(NYSE:BAC) is trading higher this morning by 0.27 cents to $12.62 a share. This stock has sold off sharply since mid-January 2011 when it traded as high as $15.31 a share. BAC stock will have intra-day resistance around the $12.60 and $12.90 levels. The daily chart of BAC remains in a downtrend.
J.P. Morgan Chase & Co.(NYSE:JPM) is the leading financial stock in the entire stock market. This stock is trading higher this morning by 0.58 cents to $45.76 a share. J.P. Morgan stock topped out in early April after the company reported earnings that were not well received by investors. JPM stock has struggled over the past few days around the $46.00 level, this level remains the intra-day resistance area.
Wells Fargo & Co.(NYSE:WFC) is trading higher by just 0.08 cents to $29.21 a share. WFC stock still remains very weak on the daily chart by trading below the daily chart 50 moving average. This stock looks to have intra-day resistance around the $29.50 level. Should the stock begin to decline traders can look for some short term intra-day support around the $29.00 level.