Financial Stocks Fly Ahead of the FOMC – JPM, BAC, GS, C

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.

About Nicholas Santiago 575 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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