Financial Stocks Steer Markets Lower

There is probably no other industry group as important to the stock market as the financial stock sector. This morning, all of the leading financial stocks started higher at the open, however, this sector has now reversed course and is now trading lower on the day. As you all know by now, J.P. Morgan Chase & Co (NYSE:JPM) is considered to be the most important financial stock in the market. JPM stock is trading lower by 0.80 cents to $34.29 a share. Just last week, this same stock helped to lift the stock markets higher after reporting earnings. Since that time, JPM stock has given back almost all of those gains. Short term traders can watch for intra-day support around the $34.00, and $33.50 levels.

Goldman Sachs Group Inc (NYSE:GS) reported earning before the opening bell. GS stock staged a sharp gap higher move at the open trading as high as $100.49 a share. Since that high print, GS stock has rolled over and is now trading higher by just 0.55 cents to $98.23 a share. Short term traders can watch for intra-day support around the $96.75, and $96.00 levels.

Some other notable financial stocks that are declining lower include Wells Fargo & Co (NYSE:WFC), Morgan Stanley (NYSE:MS), and Deutsche bank AG (NYSE:DB). Traders should remember that the Federal Reserve Chairman Ben Bernanke is testifying in front of Congress today. This tells us that the financial stocks are likely to be volatile today.

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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