One sector that will tell the tale of the market is the financial sector. This morning, all of the leading financial stocks are coming under early selling pressure. When the financial stocks decline it is very difficult for the major stock indexes to stage any kind of meaningful bounce. Today, the Financial Select Sector SPDR (ETF) (NYSEARCA:XLF) is trading lower by 0.09 cents to $13.41 a share. The daily chart of the XLF is in a down trend trading below the important 50, and 200 moving averages. Short term traders should watch for intra-day support around the $13.29, and $13.00 levels.
Some leading financial stocks that are declining lower today include Goldman Sachs Group Inc (NYSE:GS), J.P. Morgan Chase & Co (NYSE:JPM), BlackRock, Inc. (NYSE:BLK), and Bank of America Corp (NYSE:BAC). Traders must watch these financial stocks as they will usually dictate the direction in the major stock indexes. All of these stocks remain very weak at this time.