JPM Is Still The Only Indicator That Matters
When J.P. Morgan Chase & Co.(NYSE:JPM) bounces or trades higher the major stock indexes move higher. When this leading bank stock declines the major stock indexes moves lower. At this time, when there is a banking and financial crisis taking place traders can simply follow the leading financial stock in the market and that is JPM stock. This leading financial stock will have intra-day resistance around the $34.05 area intra-day.
Sure, other leading financial stocks such as Credit Suisse Goup(NYSE:CS), UBS AG(NYSE:UBS), and Barclays PLC(NYSE:BCS) will be important. These stocks are the leading European financial institutions and will usually have less effect once the European markets close for the day. Therefore, traders should concentrate and focus on JPM stock for the remainder of the trading day.