If The Financial Stocks Slide You Should Watch Out!
This morning, most of the leading financial stocks are trading higher at the start of the trading day. Generally, as long as the financial stocks hold up and trade higher the major stock indexes will usually remain buoyant. Should the leading financial stocks begin to rollover or sell off then all bets are off as the major stock indexes will often follow the financial stocks.
The most important financial stock that any trader can follow is J.P. Morgan Chase & Co (NYSE:JPM). This financial giant should be called the real bank of America. When JPM stock declines it will usually take the entire industry group with it. Traders can just look back to May 2012 when JPM stock declined after it's massive trading loss and you can see how it took the entire financial sector lower. This stock carries a lot of weight psychologically on the markets. Today, JPM stock is trading higher by 0.15 cents to $40.72 a share. Short term traders should watch for intra-day resistance around the $40.90, and $41.35 levels. The daily chart of JPM stock remains in a trading range, the low range is around $39.25 and the high range is around the $42.75 level.
Some other leading financial stocks that are trading higher today include Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Deutsche Bank AG (USA) (NYSE:DB), and Goldman Sachs Group Inc (NYSE:GS). Earlier today, it was reported that Citigroup Inc is cutting 11,000 jobs worldwide, this news is helping the stock to trade higher by nearly 5.0 percent on the session.