Goldman Sachs Leads The Financial Stocks Lower
Goldman Sachs Group Inc.(NYSE:GS) has been one of the weakest stocks in the stock market as of late. The stock topped out in mid-January 2011 at $175.43 a share and has been steadily declining. The stock is trading below its daily chart 20, 50, and 200 moving averages which put the stock in a confirmed downtrend. At this time, it seems that almost every bounce in this leading financial stock is being met with selling pressure. This morning, GS stock is trading lower by 0.24 cents to $133.65 a share. The stock started the day sharply higher at the open, trading as high as $135.76 a share before fading lower. Traders can watch for short term intra-day support around the $132.99 and $132.00 levels.
Other leading financial stocks that are trading lower this morning include Morgan Stanley(NYSE:MS), Wells Fargo & Co.(NYSE:WFC), and Citigroup Inc.(NYSE:C). Traders must be aware that the financial sector has lead the markets lower over the past month.