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Financial Stocks On Fire, This Is All You Need To Follow



August 17, 2011 – Comments (0) | RELATED TICKERS: JPM , GS , C

This morning, the too big to fail financial institutions are surging higher. When the large financial stocks rally it is a sign that investors are willing to take on risk. After all, it has been the financial stocks that have lead the markets lower since May 2011. As long as this sector shows strength the major stock indexes should hold up. Should the large financial stocks begin to decline intra-day you will see how quickly this stock market can sell off.

J.P. Morgan Chase & Co.(NYSE:JPM) is the leading financial stock in the market. This morning, JPM stock is trading higher by $1.05 to $37.08 a share. Traders can watch for intra-day resistance on JPM around the $37.60 area.

Other leading financial stocks that are trading higher this morning include Goldman Sachs Group Inc. (NYSE:GS), Citigroup Inc.(NYSE:C), and Wells Fargo & Co.(NYSE:WFC). These stocks will usually follow the action in JPM, therefore, JPM stock is the most important large financial stock to follow.

Nicholas Santiago

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