Financial Stocks Jump Out Of the Gate

This morning, all of the leading financial stocks are trading sharply higher. This sector is extremely important for all traders to follow on a daily basis. When the financial stocks rally it is usually a good sign that the major stock indexes will hold up. Since the November 28, 2011 pivot low the stock markets have rallied higher by 8.0 percent. This is a huge move in such a short period of time and the rally has been lead by the large financial stocks.

The Financial Select Sector SPDR ETF (NYSE:XLF) is a very good way of tracking the financial sector. Today the XLF is trading higher by 0.22 cents to $12.95 a share. Short term traders can watch for some intra-day resistance around the $13.03, and $13.25 levels. The daily chart is now trading above the 20, and 50 moving averages which indicates a short term sign of strength.

Other leading financial stocks that are trading higher this morning include Jefferies Group Inc (NYSE:JEF), Goldman Sachs Group Inc (NYSE:GS), Deutsche Bank AG (NYSE:DB), and even Bank of America Corp (NYSE:BAC). Most of the leading stocks will follow the XLF very closely at this time.

About Nicholas Santiago 575 Articles


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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