Major Financial Stocks Fail To Participate In Rally
The large major financial stocks are not rallying higher with the major stock indexes this morning. This leading sector continues to struggle on the charts. Most of the leading financial stocks remain in sharp down trends. Traders can simply look at a chart of the Financial Select Sector SPDR (NYSE:XLF) and clearly see that this industry group is trading below the important daily chart 50, and 200 moving averages. The XLF looks to be basing in a bearish manner on the daily chart at this time.
Some of the leading financial stocks that are declining this morning include J.P. Morgan Chase & Co. (NYSE:JPM), Goldman Sachs Group Inc.(NYSE:GS), Wells Fargo & Co.(NYSE:WFC), and Morgan Stanley(NYSE:MS). These stocks are sending a different message to the markets at this time despite the current rally in the stock indexes that is taking place today. Traders should be aware of price action in the leading financial stocks as they will often lead the markets.