Financials Fade From Open

This morning the street was raving about the J.P.Morgan Chase & Co. (NYSE:JPM) earnings. The stock was trading higher in the pre-market by 0.85 cents to $47.56 a share. Since the opening bell rang at the New York Stock Exchange the stock has declined sharply lower trading negative briefly before bouncing off of an intra-day support level. The stock is now trading higher by 0.15 cents to $46.78 a share as of 9:55 am EST. Financial stocks could be in play for most of the day.

Other leading financial stocks that are trading on the weak side include Wells Fargo & Co. (NYSE:WFC), and Bank of America Corp. (NYSE:BAC). These two leading financial stocks have also faded sharply from a gap higher open to now trading slightly negative on the session. WFC will have intra-day support around the $30.55 level. BAC will intra-day support around the $13.35 area.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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