Financial Stocks Look Like Zombies Today
Last week, every talking head in the financial media was falling in love with the leading financial stocks again, however, today these institutions look more like a zombie institution.
Morgan Stanley (NYSE:MS) was last week's big winner. Today MS stock is declining lower by $1.34 to $17.98 a share. This is a 7.0 percent decline for the financial giant. Many traders and investors believe that MS has a decent amount of exposure to the European debt market. MS stock will have intra-day support around the $17.40, and $17.00 levels.
Other leading financial giants that are trading lower today include Goldman Sachs Group Inc (NYSE:GS), Bank of America Corp (NYSE:BAC), and Deutsche Bank AG (NYSE:DB). These financial stocks have lead the markets higher since the October 4, 2011 pivot low, however, these same stocks are leading the declines this afternoon.