Large Financial Giants Trade Higher, Will They Hold?
All eyes are on the large financial stocks these days. After all, these financial giants have lead the markets lower since the spring of 2011. Obviously, the large financial stocks lead the stock markets. Today, the large financial stocks are trading higher on the session and this is helping the major stock indexes to also surge higher on the day.
J.P. Morgan Chase & Co.(NYSE:JPM) is the leading financial stock in the market. This morning, JPM stock is trading higher by $1.10 to $35.50 a share. Short term traders should watch for intra-day resistance around the $35.75 level. Should the stock trade above that resistance point the next important intra-day resistance area will be around the $36.50 area.
Other leading financial stocks that are trading higher this morning include Goldman Sachs Group Inc.(NYSE:GS), Wells Fargo & Co.(NYSE:WFC), and Morgan Stanley(NYSE:MS). Traders should continue to focus on JPM stock since that is the financial leader at this time. Most of the other financial stocks will generally follow the movement in JPM stock.