JPMorgan Chase Roars But Nears Resistance
JPMorgan Chase & Co. (NYSE:JPM) is spiking dramatically higher today, leading the Dow Jones Industrial Average. The stock is trading at $44.70, +1.10 (+2.52%) on the day after the CEO said it was likely a dividend hike would occur in 2011. While JPMorgan is soaring today, the stocks is near a double top from just days ago at $44.95. This will work in the short term as resistance. In addition, the $45.00 - $45.50 level has been a major resistance point for months and should continue to be in the near future. Always remember, when good news breaks, the big institutions have already bought and are unloading it to the small investor, the bag holder. The charts keep people safe by telling them when a stock is nearing resistance or just breaking out. Other financial stocks are moving higher as well on the back of the JPMorgan news. Goldman Sachs Group, Inc. (NYSE:GS) is trading at $171.58, +2.22 (+1.31%) while Bank of America Corporation (NYSE:BAC) is trading at $14.95, +0.26 (+1.77%). The market believes that if JPMorgan says they will raise their dividend, then the other banks will follow as well.