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JPM Is The Stock Market Barometer



August 22, 2011 – Comments (0) | RELATED TICKERS: JPM , GS , MS

When there is a banking crisis traders and investors should follow the bank stocks. The leading bank stock in the United States is J.P. Morgan Chase & Co.(NYSE:JPM). Sure, other financial stocks such as Goldman Sachs Group Inc.(NYSE:GS), Morgan Stanley(NYSE:MS) and Bank of America Corp.(NYSE:BAC) are important, however, traders can cut to the chase and simply follow the leader. The leader is J.P. Morgan Chase, this stock has lead the markets higher and lower since 2007 and it should continue to lead the stock markets going forward. This financial giant topped out in February 2011 at $48.36 a share. Since that high pivot, JPM stock has made a series of lower highs leading the major stock indexes lower throughout 2011.

This morning, JPM stock is trading higher by just 0.10 cents to $33.44 a share. The stock started the trading day at $35.14 a share. As soon as this stock began to fade lower so did the major stock indexes. Should JPM stock begin to trade higher, it would be likely that the major stock indexes will follow. Until then, this is the most important stock that traders must follow. This stock is truly a barometer for the major stock market indexes. Traders can watch for intra-day support on JPM stock around the $39.15 and $39.00 levels.

Nicholas Santiago

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