Too Big To Fail Is Too Big To Fall
This afternoon, all of the large major bank stocks are holding up despite the sharp decline in the major stock indexes. Leading bank stocks such as JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Bank of America Corp (NYSE:BAC), and Wells Fargo & Company (NYSE:WFC) are actually trading positive today by a few pennies. If these recent market leaders were trading lower on the session the major stock indexes would certainly be much worse today. The large financial stocks have now rallied higher since December 19, 2011.
The most important bank stock is JPMorgan Chase & Co. This stock should be closely followed by every trader and investor as it has lead the markets since 2009. If and when JPM stock starts to slide that is when this market could be under some real distribution. The stock is trading higher 0.11 cents to $46.00 a share. Short term traders should watch for intra-day resistance around the $46.10, and $46.30 levels.