Stocks On The Rocks – JPM, AAPL, XOM

Today, all of the major stock indexes are coming under heavy selling pressure. There does not seem to be a single industry group that is being sparred this morning. It seems that the institutions that move markets are simply waiting for another stimulus program before bidding this market higher. Yesterday, the market moving institutions were waiting for the FOMC minutes to be released in hopes of more quantitative easing chatter. Unfortunately, the FOMC minutes did not say anything about more stimulus in the near term and down the stock markets went.

Many market leading stocks are selling off sharply lower today. International Business Machines (NYSE:IBM) is trading lower by $3.25 to 182.04 a share. This stock is the highest priced stock in the Dow Jones Industrial Average (DJIA). The DJIA is a price cap weighted index and IBM will carry the most weight in that index. Short term traders can watch for intra-day support around the $181.50, and $180.00 levels.

Some other market moving stocks that are declining lower today include J.P. Morgan Chase & Co (NYSE:JPM), Apple Inc (NASDAQ:AAPL), and Exxon Mobil Corp (NYSE:XOM). The highly followed SPDR S&P 500 Index Trust (SPY) is trading lower by $1.28 to $132.88 a share. Short term traders can watch for intra-day support on the SPDR S&P 500 Index Trust (NYSE:SPY) around the $132.15 area.

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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