Some Financial Stocks See Sunlight: BAC, GS, MS, WFC

This morning, some of the leading financial stocks have caught bids higher and some are still looking like fish out of water. Goldman Sachs Group Inc. (NYSE:GS), and Bank of America Corp. (NYSE:BAC) both reported earnings today before the opening bell. These two financial giants have been very weak on the daily charts as of late and now we definitely know why. Both stocks are trading lower on the trading session and remain in a poor technical position on the daily charts.

Often, when a stock that is trending lower reports earnings the bad news is already factored into the stock price. This time it is unsure if all of the bad news is factored into GS and BAC. These stocks are struggling to trade higher this morning. Traders can watch for intra-day support on GS stock around the $126.60 area. BAC stock will have some intra-day support around the $9.50, and $9.30 levels.

Some other leading financial stocks that are trading higher today include Wells Fargo & Co. (NYSE:WFC), J.P. Morgan Chase & Co. (NYSE:JPM), and Morgan Stanley (NYSE:MS). Traders must follow the financial stocks very closely as this sector has lead the stock market decline since early May 2011.

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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