Financials Keep Markets from Coming Unglued - Voice of the People

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Financials Keep Markets from Coming Unglued

This morning, all of the leading financial stocks are catching a bid higher. This move in the financial stocks comes despite the sharp sell off in the overnight trading session in the futures market. The most important financial stock that any trader can follow is J.P. Morgan Chase & Co ( JPM ).

Today, JPM stock is trading higher by 0.25 cents to $42.00 a share. It should be known by almost every trader and investor by now that JPM is a stock that should be treated as a stock market barometer. The stock will likely have intra-day resistance around the $42.30 area.

Some of the other leading financial stocks that are trading in positive territory today include Bank of America Corp ( BAC ), Goldman Sachs Group, Inc. ( GS ) and Wells Fargo & Company ( WFC ). As long as these leading stocks hold up, it is very hard to see the major stock indexes trade sharply lower. The financial sector accounts for roughly 14 percent of the S&P 500 Index.

Nicholas Santiago

InTheMoneyStocks.com

 

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BANK OF AMER CP (BAC): Free Stock Analysis Report
 
GOLDMAN SACHS (GS): Free Stock Analysis Report
 
JPMORGAN CHASE (JPM): Free Stock Analysis Report
 
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Investing Ideas , Stocks

Referenced Stocks: BAC , GS , JPM , WFC

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