5
 

If The Financial Stocks Slide, You Should Watch Out!

By  |  Stock Markets  |  Dec 05, 2012 05:01PM GMT  |   Add a Comment
 
AA
+
-
This morning, most of the leading financial stocks are trading higher to start of the day. Generally, as long as the financial stocks hold up and trade higher, the major stock indexes will remain buoyant. Should the leading financial stocks begin to roll over or sell off, all bets are off as the major stock indexes will often follow the financial stocks lower.

The most important financial stock that any trader can follow is J.P. Morgan Chase & Co (JPM). This financial giant should be called "the real" bank of America. When JPM declines it will usually take the entire industry group with it. Traders can look back to May 2012 when JPM declined after its massive trading loss, you can see how it took the entire financial sector lower. This stock carries a lot of weight psychologically on the markets.

Today, JPM is trading higher by 0.15 cents to $40.72 a share. Short-term traders should watch for intra-day resistance around the $40.90, and $41.35 levels. The daily chart of JPM stock remains in a trading range, the low range is around $39.25 and the high range is around the $42.75 level.

Some other leading financial stocks that are trading higher today include Citigroup Inc (C), Bank of America Corp (BAC), Deutsche Bank AG (USA) (DB), and Goldman Sachs Group Inc (GS). Earlier today, it was reported that Citigroup Inc is cutting 11,000 jobs worldwide, this news is helping the stock to trade higher by nearly 5.0 percent on the session.
JPM
JPM

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Tim KnightHere's Why I'm Anti-Social
By 
 - Apr 23, 2014
   |    1
Midnight TraderEarnings, Drug Deals Drive U.S. Markets
By 
 - Apr 22, 2014
   |    1

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Citigroup
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg