Financial Sector Leading

The financial sector was the leading indicator for the rally today. This was clearly seen as the markets sold sharply for the first twenty minutes of the day before reversing to the upside dramatically. As the markets were selling into the 10:00am ET time frame, Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) were all higher and running. This was the only sector to see such strength in the face of a lower market.

By 10:00am ET, the markets reversed their selling and soared. Right now the SPDR S&P 500 ETF (NYSE:SPY) is trading near the highs of the day at $132.90, +1.47 (+1.12%). The financial sector can often be a leading indicator for the markets as seen today.

Oil, gold and silver are all pulling back. When these pull back, it is telling traders that there is a little less fear out there. Technology is mostly higher today with International Business Machines Corp. (NYSE:IBM) leading the charge. IBM is trading at $162.98, +3.05 (+1.91%).

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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