The Only Financial Stock That Matters
In 2012, the financial stocks have lead the stock markets higher. Most of the leading stocks in the financial sector still remain in a daily uptrend. This is very evident when traders are viewing the Financial Select Sector SPDR (ETF) (NYSEARCA:XLF). The XLF is clearly trading above the 50, and 200 daily chart moving averages at this time. While the overall sector still remains strong there is just one leading stock in the financial sector that traders should follow, it is J.P. Morgan Chase & Co (NYSE:JPM). When this leading financial giant rallies the major stock indexes will usually follow. The opposite is true when JPM stock pulls back or sell off as the major stock indexes will decline. This morning, JPM stock is trading higher by 0.12 cents to $44.53 a share. The stock will have intra-day resistance around the $44.85 area.
Some of the other leading financial stocks that traders should follow include Goldman Sachs Group Inc (NYSE:GS), Deutsche Bank AG (NYSE:DB), and Bank of America Corp (NYSE:BAC). While all of these stocks are important and can move markets it is JPM stock which is the leading financial stock at this time.