One sector that has lead the stock markets higher has been the financial group or the large major banks. Stocks such as J.P. Morgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC), and Bank of America Corp. (NYSE:BAC), have been leading the markets higher since December 1, 2010. These stocks continue to remain strong on the charts at this time.
Well Fargo & Co. stock has pulled back from it’s intra-day high that was made at 10:30 am EST. The stock will have good short term intra-day support around the $32.95 area. This is a level where scalp traders can look for a bounce in the popular bank stock.