If The Financial Stocks Slide You Should Watch Out! – JPM, C, BAC, DB, GS

This morning, most of the leading financial stocks are trading higher to start of the day. Generally, as long as the financial stocks hold up and trade higher, the major stock indexes will remain buoyant. Should the leading financial stocks begin to rollover or sell off, all bets are off as the major stock indexes will often follow the financial stocks lower.

The most important financial stock that any trader can follow is J.P. Morgan Chase & Co (NYSE:JPM). This financial giant should be called “the real” bank of America. When JPM declines it will usually take the entire industry group with it. Traders can look back to May 2012 when JPM declined after its massive trading loss, you can see how it took the entire financial sector lower. This stock carries a lot of weight psychologically on the markets. Today, JPM is trading higher by 0.15 cents to $40.72 a share. Short term traders should watch for intra-day resistance around the $40.90, and $41.35 levels. The daily chart of JPM stock remains in a trading range, the low range is around $39.25 and the high range is around the $42.75 level.

Some other leading financial stocks that are trading higher today include Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Deutsche Bank AG (USA) (NYSE:DB), and Goldman Sachs Group Inc (NYSE:GS). Earlier today, it was reported that Citigroup Inc is cutting 11,000 jobs worldwide, this news is helping the stock to trade higher by nearly 5.0 percent on the session.

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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