Some Financial Stocks See Sunlight
This morning, some of the leading financial stocks have caught bids higher and some are still looking like fish out of water. Goldman Sachs Group Inc.(NYSE:GS), and Bank of America Corp.(NYSE:BAC) both reported earnings today before the opening bell. These two financial giants have been very weak on the daily charts as of late and now we definitely know why. Both stocks are trading lower on the trading session and remain in a poor technical position on the daily charts.
Often, when a stock that is trending lower reports earnings the bad news is already factored into the stock price. This time it is unsure if all of the bad news is factored into GS and BAC. These stocks are struggling to trade higher this morning. Traders can watch for intra-day support on GS stock around the $126.60 area. BAC stock will have some intra-day support around the $9.50, and $9.30 levels.
Some other leading financial stocks that are trading higher today include Wells Fargo & Co.(NYSE:WFC), J.P. Morgan Chase & Co.(NYSE:JPM), and Morgan Stanley(NYSE:MS). Traders must follow the financial stocks very closely as this sector has lead the stock market decline since early May 2011.