The One Financial Stock That Everyone Should Follow
Since late 2007, it is the large financial stocks that have moved the major stocks market indexes higher and lower. Traders and investors must remember that the problems facing the economy have been in the banking and financial sectors. The one financial stock that everyone must follow extremely close is J.P. Morgan Chase & Co (NYSE:JPM).
J.P. Morgan stock is probably the most important stock that anyone could follow at this time. This stock is one of the largest financial institutions in the world. When this stock trades higher the major stock indexes seem to follow. The opposite is true when this financial giant declines, the major stock indexes will usually sell off right along with JPM. Recently, JPM stock has been very strong on the daily chart, however, resistance levels are now beginning to come into play. This morning, JPM is trading higher by 0.01 cents to $35.37 a share. Short term traders can watch for some intra-day resistance around the $35.55, and $35.85 levels. Should the stock decline traders can watch for intra-day support around the $34.75 area.
Other financial stocks that are very important to follow include Bank of America Corp (NYSE:BAC), Goldman Sachs Group Inc (NYSE:GS), Wells Fargo & Co (NYSE:WFC), and Deutsche Bank AG (NYSE:DB).