Financial Stocks, Too Big To Sail
Last week, the large financial stocks caught a sharp bid higher after the Greek bailout vote passed. Many of the leading financial stocks in the United States surged higher helping to lift the major stock indexes. Most investors and traders believe that second Greek bailout is really just another bailout for large financial institutions that are holding Greek and Euro-zone debt. This morning, it seems that large financial stocks are coming under some slight selling pressure. This type of activity is common after a multi-day rally, often markets need to retrace or pullback after making a strong move higher.
J.P. Morgan Chase & Co. (NYSE:JPM) is trading lower by 0.41 cents to $41.15 a share. The stock looks to have short term intra-day support around the $41.00 level. Should the stock decline further throughout the trading session traders must watch the $40.40 area as the next important intra-day support level.
Goldman Sachs group Inc. (NYSE:GS) is trading lower by $2.07 to 134.58 a share. This leading financial stock will have intra-day support around the $134.30 level. Should this support area fail to hold, short term traders can watch the $133.00 area as the next important support level.
Other leading financial stocks that are declining this morning include Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC), and Morgan Stanley (NYSE:MS). The leading financial stocks are very important in order for the stock market rally to continue. These stock have lead the markets throughout 2011.