Tomorrow, the FOMC will conclude its two day meeting. Many investors are expecting the Federal Reserve Bank to implement another stimulus program. On the back of this anticipated news the financial stocks are all trading sharply higher on the trading day. J.P. Morgan Chase & Co (NYSE:JPM) is considered the leading financial stock in the market at this time. Today, JPM stock is trading higher by 0.63 cents to $35.25 a share. Short term traders should watch for intra-day resistance around the $35.60, and $36.00 levels.
Some of the other leading financial stocks that are trading higher today include Bank of America Corp (NYSE:BAC), Goldman Sachs Group Inc (NYSE:GS), and Citigroup Inc (NYSE:C). As a general rule, as long as the financial stocks hold up and trade higher the major stock indexes should hold up fine. If the leading financial stocks start to decline it is a sign that trouble is ahead for the major stock indexes.